10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2012.

¨ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                     to                    

Commission File Number 0-24948

PVF Capital Corp.

(Exact name of registrant as specified in its charter)

Ohio	34-1659805
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
30000 Aurora Road, Solon, Ohio	44139
(Address of principal executive offices)	(Zip Code)

(440) 248-7171

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report.)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  x    NO  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  x    NO  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one)

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller Reporting Company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, $0.01 Par Value	26,392,195
(Class)	(Outstanding at November 14, 2012)

PVF CAPITAL CORP.

INDEX

		Page
PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Financial Condition, September 30, 2012 (unaudited) and June 30, 2012		1
	Consolidated Statements of Operations for the three months ended September 30, 2012 and 2011 (unaudited)		2
	Consolidated Statements of Comprehensive Income for the three months ended September 30, 2012 and 2011 (unaudited)		3
	Consolidated Statements of Cash Flows for the three months ended September 30, 2012 and 2011 (unaudited)		4
	Notes to Consolidated Financial Statements (unaudited)		5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		48
Item 4.	Controls and Procedures		49
PART II OTHER INFORMATION
Item 1.	Legal Proceedings		49
Item 1A.	Risk Factors		49
Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds		49
Item 3.	Defaults Upon Senior Securities		49
Item 4.	Mine Safety Disclosures		50
Item 5.	Other Information		50
Item 6.	Exhibits		50
SIGNATURES

Part I — FINANCIAL INFORMATION

PVF CAPITAL CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

	September 30,			June 30,
	2012			2012
ASSETS
Cash and amounts due from financial institutions	$	16,903,187		$	5,840,608
Interest-bearing deposits		97,672,255			114,269,532
Total cash and cash equivalents		114,575,442			120,110,140
Securities available for sale		38,280,551			38,658,044
Loans receivable held for sale, net		19,765,946			25,062,786
Loans receivable, net of allowance of $16,135,640 and $16,052,865		543,186,276			541,627,515
Office properties and equipment, net		7,286,062			7,237,165
Real estate owned, net		7,232,119			7,733,578
Federal Home Loan Bank stock		12,811,100			12,811,100
Bank-owned life insurance		23,696,129			23,648,663
Prepaid expenses and other assets		12,289,670			14,560,882
Total assets	$	779,123,295		$	791,449,873
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Non-interest bearing deposits	$	57,769,225		$	51,786,588
Interest bearing deposits		588,381,234			604,192,552
Total deposits		646,150,459			655,979,140
Note payable		1,019,445			1,046,111
Long-term advances from the Federal Home Loan Bank		35,000,000			35,000,000
Advances from borrowers for taxes and insurance		6,955,246			4,469,292
Accrued expenses and other liabilities		17,167,776			24,224,709
Total liabilities		706,292,926			720,719,252
Stockholders’ equity
Serial preferred stock, $.01 par value, 1,000,000 shares authorized; none issued		—			—
Common stock, $.01 par value, 65,000,000 shares authorized; 26,392,195 and 26,217,796 shares issued, respectively		263,922			262,178
Additional paid-in capital		101,297,166			100,897,561
Retained earnings (accumulated deficit)		(24,568,768	)		(26,119,855	)
Accumulated other comprehensive income (loss)		(324,804	)		(472,116	)
Treasury stock at cost, 472,725 shares		(3,837,147	)		(3,837,147	)
Total stockholders’ equity		72,830,369			70,730,621
Total liabilities and stockholders’ equity	$	779,123,295		$	791,449,873

See Notes to the Consolidated Financial Statements

1

Part I — FINANCIAL INFORMATION

PVF CAPITAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three months ended
	September 30,
	2012			2011
Interest and dividends income
Loans	$	6,986,437		$	7,104,267
Mortgage-backed securities		80,231			49,721
Federal Home Loan Bank stock dividends		135,374			127,760
Securities		141,238			24,217
Federal funds sold and interest-bearing deposits		68,295			92,498
Total interest and dividends income		7,411,575			7,398,463
Interest expense
Deposits		1,325,728			1,949,047
Long-term borrowings		270,706			272,440
Total interest expense		1,596,434			2,221,487
Net interest income		5,815,141			5,176,976
Provision for loan losses		1,050,000			1,500,000
Net interest income after provision for loan losses		4,765,141			3,676,976
Non-interest income
Service charges and other fees		180,392			178,818
Mortgage banking activities, net		3,126,247			1,010,165
Gain (loss) on sale of SBA loans		(3,686	)		221,218
Increase in cash surrender value of bank-owned life insurance		47,466			62,699
Gain (loss) on real estate owned		(17,881	)		140,112
Provision for real estate owned losses		(233,719	)		(69,400	)
Other, net		192,200			127,507
Total non-interest income		3,291,019			1,671,119
Non-interest expense
Compensation and benefits		3,109,759			2,894,698
Office occupancy and equipment		569,589			598,910
FDIC insurance		432,239			428,699
Professional and legal		120,000			115,000
Outside services		774,845			495,667
Franchise tax		196,707			225,428
Real estate owned and collection expense		385,504			613,859
Other		916,430			821,609
Total non-interest expense		6,505,073			6,193,870
Income (loss) before federal income taxes		1,551,087			(845,775	)
Federal income tax provision (benefit)		—			(25,178	)
Net income (loss)	$	1,551,087		$	(820,597	)
Basic earnings (loss) per share	$	0.06		$	(0.03	)
Diluted earnings (loss) per share	$	0.06		$	(0.03	)
Dividend declared per common share	$	—		$	—

See Notes to the Consolidated Financial Statements

2

Part I — FINANCIAL INFORMATION

PVF CAPITAL CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three months ended
	September 30,
	2012		2011
Net income (loss)	$	1,551,087	$	(820,597	)
Other comprehensive income (loss), net of tax
Unrealized holding gains (loss) on available for sale securities		147,312		48,874
Reclassification adjustment for (gains) included in net income		—		—
Tax effect		—		—
Total other comprehensive income (loss)		147,312		48,874
Total comprehensive income (loss)	$	1,698,399	$	(771,723	)

See Notes to the Consolidated Financial Statements

3

Part I — FINANCIAL INFORMATION

PVF CAPITAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three months ended
	September 30,
	2012			2011
Operating activities:
Net income (loss)	$	1,551,087		$	(820,597	)
Adjustments to reconcile net income to net cash flow from operating activities
Accretion of discount on available for sale securities		(6,180	)		(8,940	)
Depreciation and amortization		176,153			177,621
Provision for loan losses		1,050,000			1,500,000
Gain on the sale of loans receivable held for sale		(3,550,824	)		(847,607	)
(Gain) loss on the sale of SBA loans		3,686			(221,218	)
Provision for real estate owned losses		233,719			69,400
Accretion (defferral) of loan origination fees, net		(95,144	)		633,032
(Gain) loss on disposal of real estate owned, net		17,881			(140,112	)
Market adjustment for loans held for sale		87,634			(231,052	)
Change in fair value of mortgage banking derivatives		(567,931	)		(748,776	)
Stock compensation		399,606			61,005
Proceeds from loans receivable held for sale		112,540,431			44,937,267
Origination of loans receivable held for sale, net		(105,332,333	)		(47,622,223	)
Increase in cash surrender value of bank-owned life insurance		(47,466	)		(62,700	)
Net change in other assets and other liabilities		(2,745,430	)		2,482,067
Net cash from (used in) operating activities		3,714,889			(842,833	)
Investing activities:
Loan repayments and originations, net		(3,323,245	)		2,899,216
Principal repayments on securities available for sale		1,881,562			246,328
Calls of securities available for sale		5,750,000			8,950,000
Purchase of securities available for sale		(7,024,690	)		(3,000,000	)
Additions to office properties and equipment, net		(225,050	)		(146,920	)
Proceeds from sale of real estate owned		1,059,485			657,264
Net cash from (used in) investing activities		(1,881,938	)		9,605,888
Financing activities:
Net increase in demand deposits, NOW and passbook savings		12,928,106			(1,518,884	)
Net decrease in time deposits		(22,756,787	)		(2,530,726	)
Repayment of note payable		(26,666	)		(26,667	)
Net increase (decrease) in advances from borrowers for taxes and insurance		2,485,954			(3,705,833	)
Proceeds from the issuance of common shares		1,744			—
Net cash from (used in) financing activities		(7,367,649	)		(7,782,110	)
Net increase (decrease) in cash and cash equivalents		(5,534,698	)		980,945
Cash and cash equivalents at beginning of year		120,110,140			149,291,405
Cash and cash equivalents at end of year	$	114,575,442		$	150,272,350
Supplemental disclosures of cash flow information:
Cash payments of interest	$	1,589,416		$	2,221,594
Cash payments of income taxes	$	—		$	—
Supplemental noncash investing activity:
Transfer of loans to real estate owned	$	809,626		$	538,978

See Notes to the Consolidated Financial Statements

4

Part I — FINANCIAL INFORMATION

PVF CAPITAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended

September 30, 2012 and 2011

(Unaudited)

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RELATED MATTERS

The accounting and reporting policies of PVF Capital Corp. (the “Company”) conform to U.S. generally accepted accounting principles (“U.S. GAAP”) and general industry practice. The Company’s principal subsidiary, Park View Federal Savings Bank (the “Bank”) is primarily engaged in the business of offering deposits through the issuance of savings accounts, money market accounts, and certificates of deposit and lending funds primarily for the purchase, construction, and improvement of real estate in Cuyahoga, Summit, Geauga, Lake, Medina, Lorain and Portage Counties, Ohio. The deposit accounts of the Bank are insured up to applicable limits by the Federal Deposit Insurance Corporation (the “FDIC”). The following is a description of the significant policies which the Company follows in preparing and presenting its consolidated financial statements.

Basis of Presentation: The accompanying Unaudited Consolidated Financial Statements of PVF Capital Corp. have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by U.S. GAAP for annual financial statements and should be read in conjunction with PVF Capital Corp.’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012. These consolidated financial statements are prepared without audit and reflect all adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company at September 30, 2012, and its results of operations and cash flows for the periods presented. All such adjustments are normal and recurring in nature. The accounting principles used to prepare the consolidated financial statements are in compliance with U.S. GAAP. However, the financial statements were prepared in accordance with the instructions of Form 10-Q and, therefore, do not purport to contain all necessary financial and note disclosures required by U.S. GAAP.

Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, the Bank, PVF Service Corporation (“PVFSC”), Mid Pines Land Company, PVF Holdings, Inc., PVF Mortgage Corp. and PVF Community Development Corp. PVFSC owns certain premises and leases them to the Bank. Mid Pines Land Company, PVF Holdings, Inc., PVF Mortgage Corp. and PVF Community Development Corp. did not have any significant assets or activity as of or for the periods presented. All significant intercompany transactions and balances are eliminated in consolidation. In the period ended September 30, 2012, the Company reclassified certain loans between the loan portfolio segments and reclassified certain deposits between interest bearing and non-interest bearing as presented previously in the Company’s Annual Report on Form 10-K to conform to the current period presentation.

PVFSC and the Bank have entered into various nonconsolidated joint ventures that own real estate, including properties leased to the Bank. The Bank has created various limited liability companies that have taken title to property acquired through or in lieu of foreclosure.

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets

5

Part I — FINANCIAL INFORMATION

and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The allowance for loan losses, valuation of mortgage servicing rights, fair value of mortgage banking derivatives, valuation of loans held for sale, fair value of securities, valuation of other real estate owned, and the realizability of deferred tax assets are particularly susceptible to change.

NOTE 2 — SECURITIES

As of September 30, 2012 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:

	September 30, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
FNMA structured notes	$	2,000,000	$	3,600	$	0		$	2,003,600
Trust preferred and corporate securities		18,210,212		460,346		(13,562	)		18,656,997
Mortgage-backed GSE securities		17,247,156		387,506		(14,708	)		17,619,954
Total	$	37,457,369	$	851,452	$	(28,270	)	$	38,280,551
	June 30, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
FNMA structured notes	$	2,000,000	$	9,320	$	0		$	2,009,320
Trust preferred and corporate 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 September 30, 2012 and June 30, 2012, respectively, the gross unrealized losses were in a loss position for less than 12 months. Management does not believe that any of these losses at September 30, 2012 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:

6

Part I — FINANCIAL INFORMATION

	September 30, 2012
	Amortized
	Cost		Fair Value
One to five years	$	2,000,000	$	2,003,600
Five to ten years		5,037,865		5,102,220
Greater than 10 years		13,172,347		13,554,827
Mortgage-backed GSE securities		17,225,615		17,619,954
Total	$	37,435,828	$	38,280,551

The Fannie Mae (“FNMA”) structured note held at September 30, 2012 is callable on November 9, 2012 and quarterly thereafter, has multiple coupon resets and matures on November 9, 2016. 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 $14.6 million.

7

Part I — FINANCIAL INFORMATION

NOTE 3 — LOANS RECEIVABLE

Loans receivable at September 30, 2012, and June 30, 2012 consisted of the following:

	September 30,			June 30,
	2012			2012
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	59,297,788		$	58,743,933
1-4 Family Non-Owner Occupied		34,303,456			34,368,320
1-4 Family Second Mortgage		28,729,779			29,202,145
Home Equity Lines of Credit		64,933,215			65,908,899
Home Equity Investment Lines of Credit		5,267,763			5,645,851
One-to-Four Family Construction Loans:
1-4 Family Construction		1,341,302			514,052
1-4 Family Construction Models/Speculative		621,042			1,608,137
Multi-Family Loans:
Multi-Family		62,638,057			53,959,459
Multi-Family Second Mortgage		144,754			145,642
Multi-Family Construction		108,428			5,375,000
Commercial Real Estate Loans:
Commercial		198,023,597			198,287,457
Commercial Second Mortgage		4,799,704			5,750,283
Commercial Lines of Credit		22,656,803			22,335,619
Commercial Construction		9,126,892			7,732,736
Commercial and Industrial Loans		37,556,592			35,443,184
Land Loans:
Lot Loans		9,346,567			12,091,093
Acquisition and Development Loans		18,968,781			19,093,006
Consumer Loans		2,101,434			2,112,708
Total loans receivable		559,965,954			558,317,524
Net deferred loan origination fees		(644,038	)		(637,144	)
Allowance for loan losses		(16,135,640	)		(16,052,865	)
Total loans receivable, net	$	543,186,276		$	541,627,515

8

Part I — FINANCIAL INFORMATION

The following table presents activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2012:

				One-to-Four						Commercial			Commercial
	One-to-Four			Family			Multi-			Real			and
	Family			Construction			Family			Estate			Industrial			Land			Consumer			Total
Beginning balance at June 30, 2012	$	5,765,276		$	305,312		$	1,903,138		$	5,084,179		$	928,043		$	2,057,301		$	9,616		$	16,052,865
Provision for loan losses		623,779			43,601			(766,960	)		943,294			312,966			(120,627	)		13,947			1,050,000
Charge-offs		(741,685	)		(45,959	)		—			(248,493	)		(12,500	)		(20,078	)		(13,000	)		(1,081,715	)
Recoveries		42,569			10,000			—			17,614			1,585			42,480			242			114,490
Ending balance at September 30, 2012	$	5,689,939		$	312,954		$	1,136,178		$	5,796,594		$	1,230,094		$	1,959,076		$	10,805		$	16,135,640

The following table presents activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2011:

				One-to-Four						Commercial			Commercial
	One-to-Four			Family			Multi-			Real			and
	Family			Construction			Family			Estate			Industrial			Land			Consumer		Total
Beginning balance at June 30, 2011	$	8,841,454		$	1,266,740		$	1,767,335		$	8,458,943		$	1,663,894		$	7,891,305		$	107,222	$	29,996,893
Provision for loan losses		(511,394	)		39,566			(360,444	)		949,896			493,657			728,029			160,690		1,500,000
Charge-offs		(476,158	)		(109,322	)		(236,663	)		(1,089,347	)		(29,609	)		(28,421	)		—		(1,969,520	)
Recoveries		4,765			—			—			19,271			1,755			—			—		25,791
Ending balance at September 30, 2011	$	7,858,667		$	1,196,984		$	1,170,228		$	8,338,763		$	2,129,697		$	8,590,913		$	267,912	$	29,553,164

9

Part I — FINANCIAL INFORMATION

The following table presents the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of September 30, 2012. The recorded investment in loans includes the unpaid principal balance and unamortized loan origination fees, but excludes accrued interest receivable which is not considered to be material.

			One-to-Four				Commercial		Commercial
	One-to-Four		Family		Multi-		Real		and
	Family		Construction		Family		Estate		Industrial		Land		Consumer		Total
Allowance for loan losses
Ending allowance balance attributable to loans
Individually evaluated for impairment	$	699,204	$	101,716	$	—	$	98,725	$	300,860	$	252,000	$	—	$	1,452,505
Collectively evaluated for impairment		4,990,735		211,238		1,136,178		5,697,869		929,234		1,707,076		10,805		14,683,135
Total ending allowance balance	$	5,689,939	$	312,954	$	1,136,178	$	5,796,594	$	1,230,094	$	1,959,076	$	10,805	$	16,135,640
Loans
Loans individually evaluated for impairment	$	12,208,532	$	833,904	$	300,254	$	11,851,912	$	540,441	$	6,763,662	$	—	$	32,498,705
Loans collectively evaluated for impairment		180,102,030		1,126,183		62,518,652		222,485,254		36,972,956		21,519,119		2,099,017		526,823,211
Total ending loans balance	$	192,310,562	$	1,960,087	$	62,818,906	$	234,337,166	$	37,513,397	$	28,282,781	$	2,099,017	$	559,321,916

10

Part I — FINANCIAL INFORMATION

The following table presents the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of June 30, 2012. The recorded investment in loans includes the unpaid principal balance and unamortized loan origination fees, but excludes accrued interest receivable which is not considered to be material.

			One-to-Four				Commercial		Commercial
	One-to-Four		Family		Multi-		Real		and
	Family		Construction		Family		Estate		Industrial		Land		Consumer		Total
Allowance for loan losses
Ending allowance balance attributable to loans
Individually evaluated for impairment	$	665,033	$	101,716	$	—	$	98,725	$	300,860	$	252,000	$	—	$	1,418,334
Collectively evaluated for impairment		5,100,243		203,596		1,903,138		4,985,454		627,183		1,805,301		9,616		14,634,531
Total ending allowance balance	$	5,765,276	$	305,312	$	1,903,138	$	5,084,179	$	928,043	$	2,057,301	$	9,616	$	16,052,865
Loans
Loans individually evaluated for impairment	$	13,243,350	$	880,749	$	622,228	$	11,902,730	$	740,297	$	7,189,109	$	—	$	34,578,463
Loans collectively evaluated for impairment		180,404,558		1,239,018		58,789,996		221,936,205		34,662,439		23,959,404		2,110,297		523,101,917
Total ending loans balance	$	193,647,908	$	2,119,767	$	59,412,224	$	233,838,935	$	35,402,736	$	31,148,513	$	2,110,297	$	557,680,380

11

Part I — FINANCIAL INFORMATION

The following table presents loans individually evaluated for impairment by class of loan as of September 30, 2012 and the average recorded investment and interest income recognized by class for the three months ended September 30, 2012:

	September 30, 2012
	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance (1)		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	5,878,741	$	5,075,565	$	0	$	5,373,322	$	0	$	0
1-4 Family Non-Owner Occupied		3,487,465		2,130,102		0		2,291,842		164		164
1-4 Family Second Mortgage		1,405,390		1,142,585		0		1,186,435		0		0
Home Equity Lines of Credit		1,751,282		1,749,268		0		1,790,931		0		0
Home Equity Investment Lines of Credit		157,122		156,941		0		156,942		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0				0		0
1-4 Family Construction Models/Speculative		678,779		308,146		0		331,566		0		0
Multi-Family Loans:
Multi-Family		312,714		300,254		0		461,241		0		0
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		10,366,525		9,239,212		0		9,262,945		43,972		43,972
Commercial Second Mortgage		0		0		0				0		0
Commercial Lines of Credit		613,910		613,204		0		614,870		0		0
Commercial Construction		828,491		643,855		0		643,859		0		0
Commercial and Industrial Loans		484,799		239,927		0		339,854		0		0
Land Loans:
Lot Loans		5,379,609		4,254,141		0		3,966,345		11,569		11,569
Acquisition and Development Loans		4,990,178		2,374,790		0		2,874,945		0		0
Consumer Loans		0		0		0		0		0		0
Total with no related allowance recorded	$	36,335,005	$	28,227,990	$	0	$	29,295,097	$	55,705	$	55,705
With an allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	231,051	$	230,786	$	39,982	$	231,635	$	0	$	0
1-4 Family Non-Owner Occupied		116,463		116,329		8,286		116,778		0		0
1-4 Family Second Mortgage		246,621		246,337		14,685		246,674		592		592
Home Equity Lines of Credit		963,762		962,653		338,080		928,753		0		0
Home Equity Investment Lines of Credit		398,424		397,966		298,171		402,629		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0		0		0		0
1-4 Family Construction Models/Speculative		526,363		525,758		101,716		525,760		7,062		7,062
Multi-Family Loans:
Multi-Family		0		0		0		0		0		0
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		1,357,202		1,355,641		98,725		1,355,647		0		0
Commercial Second Mortgage		0		0		0		0		0		0
Commercial Lines of Credit		0		0		0				0		0
Commercial Construction		0		0		0		0		0		0
Commercial and Industrial Loans		300,860		300,514		300,860		300,515		0		0
Land Loans:
Lot Loans		134,886		134,731		252,000		135,095		2,031		2,031
Acquisition and Development Loans		0		0		0		0		0		0
Consumer Loans		0		0		0		0		0		0
Total with an allowance recorded	$	4,275,632	$	4,270,715	$	1,452,505	$	4,243,486	$	9,685	$	9,685
Total loans evaluated for impairment	$	40,610,637	$	32,498,705	$	1,452,505	$	33,538,583	$	65,390	$	65,390

(1) There are $14.5 million of loans individually identified for impairment accruing interest.

12

Part I — FINANCIAL INFORMATION

The following table presents loans individually evaluated for impairment by class of loans as of June 30, 2012:

	June 30, 2012
	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance (1)		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	6,380,803	$	5,671,079	$	0	$	5,437,834	$	30,882	$	30,882
1-4 Family Non-Owner Occupied		4,597,708		2,453,581		0		3,503,049		48,828		48,828
1-4 Family Second Mortgage		1,455,914		1,230,284		0		1,374,161		3,958		3,958
Home Equity Lines of Credit		1,834,685		1,832,595		0		1,344,562		0		0
Home Equity Investment Lines of Credit		157,120		156,943		0		204,703		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0		52,573		4,821		4,821
1-4 Family Construction Models/Speculative		678,779		354,986		0		475,027		0		0
Multi-Family Loans:
Multi-Family		635,053		622,228		0		550,760		4,081		4,081
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		10,902,253		9,286,679		0		8,005,131		147,148		147,148
Commercial Second Mortgage		0		0		0		192,399		1,660		1,660
Commercial Lines of Credit		617,240		616,536		0		2,413,942		0		0
Commercial Construction		828,490		643,863		0		575,159		0		0
Commercial and Industrial Loans		801,075		439,781		0		2,335,961		662		662
Land Loans:
Lot Loans		5,235,050		3,678,550		0		2,955,360		5,519		5,519
Acquisition and Development Loans		5,986,575		3,375,100		0		2,258,295		19,132		19,132
Consumer Loans		0		0		0		0		0		0
Total with no related allowance recorded	$	40,110,745	$	30,362,205	$	0	$	31,678,916	$	266,691	$	266,691
With an allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	232,751	$	232,485	$	39,981	$	526,956	$	0	$	0
1-4 Family Non-Owner Occupied		117,360		117,226		8,286		1,243,154		10,112		10,112
1-4 Family Second Mortgage		247,293		247,011		14,685		175,881		0		0
Home Equity Lines of Credit		895,875		894,852		299,759		1,629,256		0		0
Home Equity Investment Lines of Credit		407,757		407,293		302,322		470,382		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0		0
1-4 Family Construction Models/Speculative		526,363		525,762		101,716		1,064,520		14,047		14,047
Multi-Family Loans:
Multi-Family		0		0		0		92,056		0		0
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		1,357,202		1,355,653		98,725		3,796,149		37,340		37,340
Commercial Second Mortgage		0		0		0		34,220		0		0
Commercial Lines of Credit		0		0		0		48,854		0		0
Commercial Construction		0		0		0		711,804		0		0
Commercial and Industrial Loans		300,860		300,517		300,860		1,404,807		0		0
Land Loans:
Lot Loans		135,614		135,459		252,000		962,537		0		0
Acquisition and Development Loans		0		0		0		2,397,176		0		0
Consumer Loans		0		0		0		0		0		0
Total with an allowance recorded	$	4,221,075	$	4,216,258	$	1,418,334	$	14,557,752	$	61,499	$	61,499
Total loans evaluated for impairment	$	44,331,820	$	34,578,463	$	1,418,334	$	46,236,668	$	328,190	$	328,190

(1) There are $13.9 million of loans individually identified for impairment accruing interest.

13

Part I — FINANCIAL INFORMATION

The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2011:

	September 30, 2011
	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance (1)		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	6,101,095	$	6,091,111	$	—	$	6,605,736	$	47,473	$	47,473
1-4 Family Non-Owner Occupied		2,845,537		2,840,881		—		1,998,029		7,295		7,295
1-4 Family Second Mortgage		1,517,563		1,515,080		—		1,279,294		107		107
Home Equity Lines of Credit		796,506		795,203		—		867,519		582		582
Home Equity Investment Lines of Credit		310,121		309,614		—		221,646		317		317
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		176,887		176,598		—		176,753		1,322		1,322
Multi-Family Loans:
Multi-Family		305,904		305,404		—		1,224,791		—		—
Multi-Family Second Mortgage		—		—		—		—		—		—
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		7,266,866		7,254,974		—		6,842,586		25,577		25,577
Commercial Second Mortgage		571,473		570,538		—		570,519		—		—
Commercial Lines of Credit		2,623,140		2,618,848		—		2,758,567		2,186		2,186
Commercial Construction		370,000		369,395		—		369,382		—		—
Commercial and Industrial Loans		2,559,945		2,555,755		—		2,057,142		—		—
Land Loans:
Lot Loans		1,344,192		1,341,993		—		1,153,055		807		807
Acquisition and Development Loans		109,818		109,638		—		274,431		—		—
Consumer Loans		—		—		—				—		—
Total with no related allowance recorded	$	26,899,047	$	26,855,032	$	—	$	26,399,450	$	85,666	$	85,666
With an allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	1,631,018	$	1,628,349	$	405,552	$	1,158,082	$	719	$	719
1-4 Family Non-Owner Occupied		4,625,921		4,618,352		1,924,308		4,747,990		3,565		3,565
1-4 Family Second Mortgage		457,261		456,513		224,653		361,465		—		—
Home Equity Lines of Credit		2,329,197		2,325,385		987,669		2,298,073		—		—
Home Equity Investment Lines of Credit		345,735		345,170		102,008		345,158		1,286		1,286
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		2,685,405		2,681,011		862,554		2,838,155		—		—
Multi-Family Loans:
Multi-Family		368,828		368,224		226,067		368,212		—		—
Multi-Family Second Mortgage		—		—		—		—		1,660		1,660
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		6,378,282		6,367,846		929,808		7,485,402		6,936		6,936
Commercial Second Mortgage		137,105		136,881		3,553		68,440		—		—
Commercial Lines of Credit		—		—		—		—		—		—
Commercial Construction		2,851,883		2,847,217		751,178		3,146,613		—		—
Commercial and Industrial Loans		3,279,788		3,274,422		1,041,066		2,456,243		2,920		2,920
Land Loans:
Lot Loans		3,202,019		3,196,779		1,291,302		3,084,307		6,742		6,742
Acquisition and Development Loans		9,604,420		9,588,705		4,810,417		9,826,391		24,176		24,176
Consumer Loans		—		—		—		—		—		—
Total with an allowance recorded	$	37,896,862	$	37,834,854	$	13,560,135	$	38,184,531	$	48,004	$	48,004
Total loans evaluated for impairment	$	64,795,909	$	64,689,886	$	13,560,135	$	64,583,981	$	133,670	$	133,670

(1) There are $17.0 million of loans individually identified for impairment accruing interest.

14

Part I — FINANCIAL INFORMATION

Past Due and Non-Accrual Loans

The following table presents the recorded investment in non-accrual loans and loans past due over 90 days still on accrual by class of loan as of September 30, 2012 and June 30, 2012. Non-accrual loans and loans past due over 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.

	September 30, 2012				June 30, 2012
			Loans Past Due				Loans Past Due
			Over 90 Days				Over 90 Days
	Nonaccrual(1)		Still Accruing(2)		Nonaccrual(1)		Still Accruing(2)
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	2,293,702	$	—	$	2,871,746	$	—
1-4 Family Non-Owner Occupied		2,084,520		0		2,461,281		0
1-4 Family Second Mortgage		481,843		0		566,444		0
Home Equity Lines of Credit		2,715,044		0		2,727,447		0
Home Equity Investment Lines of Credit		555,545		0		564,235		0
One-to-Four Family Construction Loans:
1-4 Family Construction		—		0		0		0
1-4 Family Construction Models/Speculative		308,927		0		355,355		0
Multi-Family Loans:
Multi-Family		5,720		0		324,602		0
Multi-Family Second Mortgage		—		0		0		0
Multi-Family Construction		—		0		0		0
Commercial Real Estate Loans:
Commercial		3,146,513		0		3,310,170		0
Commercial Second Mortgage		—		0		0		0
Commercial Lines of Credit		613,910		0		616,537		0
Commercial Construction		644,808		0		644,072		0
Commercial and Industrial Loans		238,229		0		437,729		0
Land Loans:
Lot Loans		3,578,542		0		3,815,778		0
Acquisition and Development Loans		1,197,045		0		1,380,199		0
Consumer Loans		—		0		0		0
Total	$	17,864,348	$	—	$	20,075,595	$	—

(1) Non-accrual status denotes loans on which, in the opinion of management, the collection of additional interest is unlikely, or loans that meet the non-accrual criteria established by regulatory authorities. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the collectibility of the principal balance of the loan.

(2) At September 30, 2012 and June 30, 2012, the Company had balances of approximately $6.1 million and $6.3 million, respectively, in loans that have matured and continue to make current payments. These loans are not considered past due as a result of their payment status being current.

15

Part I — FINANCIAL INFORMATION

The following table presents the aging of the recorded investment in past due loans as of September 30, 2012 by class of loan. Performing loans are accruing loans less than 90 days past due. Nonperforming loans are all loans not accruing or greater than 90 days past due and accruing. At September 30, 2012, the Company had a balance of approximately $6.1 million in loans that were contractually past maturity but were not considered past due as a result of the payment status being current.

					Greater Than
	30-59 Days		60-89 Days		90 Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Performing Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	2,050,531	$	247,273	$	—	$	2,297,804	$	54,638,081	$	56,935,885
1-4 Family Non-Owner Occupied		16,284		—		—		16,284		32,163,198		32,179,482
1-4 Family Second Mortgage		273,583		—		—		273,583		27,941,310		28,214,893
Home Equity Lines of Credit		777,134		19,991		—		797,125		61,346,364		62,143,489
Home Equity Investment Lines of Credit		235,512		—		—		235,512		4,470,647		4,706,159
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		1,339,759		1,339,759
1-4 Family Construction Models/Speculative		—		—		—		—		311,401		311,401
Multi-Family Loans:
Multi-Family		235,540		—		—		235,540		62,324,755		62,560,295
Multi-Family Second Mortgage		—		—		—		—		144,588		144,588
Multi-Family Construction		—		—		—		—		108,303		108,303
Commercial Real Estate Loans:
Commercial		405,037		616,238		—		1,021,275		193,628,054		194,649,329
Commercial Second Mortgage		—		—		—		—		4,794,184		4,794,184
Commercial Lines of Credit		587,524		1,183,484		—		1,771,008		20,245,827		22,016,835
Commercial Construction		—		—		—		—		8,471,587		8,471,587
Commercial and Industrial Loans										37,275,168		37,275,168
Land Loans:
Lot Loans		14,622		95,903		—		110,525		5,646,750		5,757,275
Acquisition and Development Loans		—		—		—		—		17,749,919		17,749,919
Consumer Loans		—		—		—		—		2,099,017		2,099,017
Total Performing Loans	$	4,595,767	$	2,162,889	$	—	$	6,758,656	$	534,698,912	$	541,457,568
Nonperforming Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	—	$	—	$	2,036,669	$	2,036,669	$	257,033	$	2,293,702
1-4 Family Non-Owner Occupied		57,235		58,470		1,870,021		1,985,726		98,794		2,084,520
1-4 Family Second Mortgage		—		41,014		393,349		434,363		47,480		481,843
Home Equity Lines of Credit		119,966		—		2,249,808		2,369,774		345,270		2,715,044
Home Equity Investment Lines of Credit		84,536		—		471,009		555,545		—		555,545
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		—		—		190,256		190,256		118,671		308,927
Multi-Family Loans:
Multi-Family		—		—		5,720		5,720		—		5,720
Multi-Family Second Mortgage		—		—		—		—		—		—
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		—		—		3,013,679		3,013,679		132,834		3,146,513
Commercial Second Mortgage		—		—		—		—		—		—
Commercial Lines of Credit		—		—		494,972		494,972		118,938		613,910
Commercial Construction		—		—		644,808		644,808		—		644,808
Commercial and Industrial Loans		—		—		38,229		38,229		200,000		238,229
Land Loans:
Lot Loans		—		—		3,096,352		3,096,352		482,190		3,578,542
Acquisition and Development Loans		—		—		1,197,045		1,197,045		—		1,197,045
Consumer Loans		—		—		—		—		—		—
Total Nonperforming Loans	$	261,737	$	99,484	$	15,701,917	$	16,063,138	$	1,801,210	$	17,864,348
Total Loans	$	4,857,504	$	2,262,373	$	15,701,917	$	22,821,794	$	536,500,122	$	559,321,916

16

Part I — FINANCIAL INFORMATION

The following table presents the aging of the recorded investment in past due loans as of June 30, 2012 by class of loan. Performing loans are accruing loans less than 90 days past due. Nonperforming loans are all loans not accruing. At June 30, 2012, the Company had a balance of approximately $6.3 million in loans that were contractually past maturity but were not considered past due as a result of the payment status being current.

					Greater Than
	30-59 Days		60-89 Days		90 Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Performing Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	584,430	$	—	$	—	$	584,430	$	55,220,719	$	55,805,149
1-4 Family Non-Owner Occupied		375,660		303,667		—		679,327		31,188,492		31,867,819
1-4 Family Second Mortgage		14,221		—		—		14,221		28,588,155		28,602,376
Home Equity Lines of Credit		114,558		23,230		—		137,788		62,968,449		63,106,237
Home Equity Investment Lines of Credit		200,657		—		—		200,657		4,874,516		5,075,173
One-to-Four Family Construction Loans:
1-4 Family Construction		—		145,771		—		145,771		367,695		513,466
1-4 Family Construction Models/Speculative		—		—		—		—		1,250,946		1,250,946
Multi-Family Loans:
Multi-Family		—		—		—		—		53,573,280		53,573,280
Multi-Family Second Mortgage		—		—		—		—		145,476		145,476
Multi-Family Construction		—		—		—		—		5,368,866		5,368,866
Commercial Real Estate Loans:
Commercial		744,536		—		—		744,536		194,006,468		194,751,004
Commercial Second Mortgage		—		—		—		—		5,743,721		5,743,721
Commercial Lines of Credit		—		—		—		—		21,693,593		21,693,593
Commercial Construction		—		—		—		—		7,079,839		7,079,839
Commercial and Industrial Loans		—		—		—		—		34,965,008		34,965,007
Land Loans:
Lot Loans		—		—		—		—		8,261,518		8,261,518
Acquisition and Development Loans		—		—		—		—		17,691,018		17,691,018
Consumer Loans		—		58,394		—		58,394		2,051,903		2,110,297
Total Performing Loans	$	2,034,062	$	531,062	$	—	$	2,565,124	$	535,039,662	$	537,604,785
Nonperforming Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	105,333	$	—	$	2,124,062	$	2,229,395	$	642,351	$	2,871,746
1-4 Family Non-Owner Occupied		—		—		2,405,774		2,405,774		55,507		2,461,281
1-4 Family Second Mortgage		—		—		499,154		499,154		67,290		566,444
Home Equity Lines of Credit		14,607		—		2,371,962		2,386,569		340,878		2,727,447
Home Equity Investment Lines of Credit		—		134,195		430,041		564,236		—		564,236
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		—		—		235,945		235,945		119,410		355,355
Multi-Family Loans:
Multi-Family		—		—		324,602		324,602		—		324,602
Multi-Family Second Mortgage		—		—		—		—		—		—
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		—		—		3,166,992		3,166,992		143,178		3,310,170
Commercial Second Mortgage		—		—		—		—		—		—
Commercial Lines of Credit		—		122,129		494,407		616,536		—		616,536
Commercial Construction		—		—		644,072		644,072		—		644,072
Commercial and Industrial Loans		—		—		237,957		237,957		199,772		437,729
Land Loans:
Lot Loans		—		—		3,144,721		3,144,721		671,057		3,815,778
Acquisition and Development Loans		—		—		1,380,199		1,380,199		—		1,380,199
Consumer Loans		—		—		—		—		—		—
Total Nonperforming Loans	$	119,940	$	256,324	$	17,459,888	$	17,836,152	$	2,239,443	$	20,075,595
Total Loans	$	2,154,002	$	787,386	$	17,459,888	$	20,401,276	$	537,279,105	$	557,680,380

17

Part I — FINANCIAL INFORMATION

Troubled Debt Restructurings:

Included in loans individually impaired are loans with recorded investment of $15,345,654 and $15,590,705 for which the Company has allocated $153,391 of specific reserves to customers whose terms have been modified in troubled debt restructurings as of both September 30, 2012 and June 30, 2012, respectively. Included in troubled debt restructurings are $1,608,276 and $1,805,855 of restructured loans on non-accrual at September 30, 2012 and June 30, 2012, respectively. Of the restructured loans, both performing and non-accrual, one loan totaling $111,944 was not performing in accordance with its modified terms. There are no commitments to lend additional amounts at September 30, 2012 and June 30, 2012.

The following table presents the aggregate balance of loans by loan class whose terms have been modified in troubled debt restructurings as of September 30, 2012 and June 30, 2012:

			Outstanding				Outstanding
			Recorded				Recorded
	Number		Investment		Number		Investment
	of Loans		9/30/2012		of Loans		6/30/2012
Troubled Debt Restructurings:
One-to-Four Family Loans:
1-4 Family Owner Occupied		20	$	3,756,859		20	$	3,775,715
1-4 Family Non-Owner Occupied		1		49,594		1		53,993
1-4 Family Second Mortgage		5		908,979		5		912,147
Home Equity Lines of Credit		1		63,782		1		63,782
Home Equity Investment Lines of Credit		0		—		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		—		0		0
1-4 Family Construction Models/Speculative		0		—		0		0
Multi-Family Loans:
Multi-Family		1		294,893		1		297,979
Multi-Family Second Mortgage		0		—		0		0
Multi-Family Construction		0		—		0		0
Commercial Real Estate Loans:
Commercial		12		8,230,906		12		8,264,020
Commercial Second Mortgage		0		—		0		0
Commercial Lines of Credit		0		—		0		0
Commercial Construction		0		—		0		0
Commercial and Industrial Loans		2		40,485		2		40,696
Land Loans:
Lot Loans		0		—		0		0
Acquisition and Development Loans		2		2,000,156		2		2,182,373
Consumer Loans		0		—		0		0
Total		44	$	15,345,654		44	$	15,590,705

The summary of activity for troubled debt restructured loans for the three months ending September 30, 2012 was as follows:

	Three months ended
	September 30, 2012
Troubled Debt Restructurings:
Beginning Balance	$	15,590,705
Additions		—
Charge-offs		(3,688	)
Payoffs or pay downs		(241,363	)
Ending Balance	$	15,345,654

18

Part I — FINANCIAL INFORMATION

During the periods ended September 30, 2012 and September 30, 2011, the terms of certain loans to borrowers experiencing financial difficulty were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy.

The following table presents loans, by classes, which were modified during the three months ended September 30, 2012. All modifications during the three months ended September 30, 2012 were limited to loans which were already classified as troubled debt restructurings and involved an extension of the maturity dates and were for periods ranging from 12 months to 24 months.

	September 30, 2012
			Pre-Modification		Post-Modification
	Number		Outstanding Recorded		Outstanding Recorded
	of Loans		Investment		Investment
Troubled Debt Restructurings:
1-4 Family Owner Occupied		0		0		0
1-4 Family Non-Owner Occupied		0		0		0
Commercial Real Estate		1	$	1,283,869	$	1,283,869
Commercial Second Mortgage		0		0		0
Acquisition and Development		1		816,672		816,672
Total		2	$	2,100,541	$	2,100,541

The troubled debt restructurings described above did not result in an increase in the allowance for loan losses for the three months ended September 30, 2012, and did not result in charge offs during the three months ended September 30, 2012.

The following table presents loans by class modified as troubled debt restructurings that occurred during the three-month period ended September 30, 2011:

	September 30, 2011
			Pre-Modification		Post-Modification
	Number		Outstanding Recorded		Outstanding Recorded
	of Loans		Investment		Investment
Troubled Debt Restructurings:
Commercial Real Estate		1	$	295,362	$	295,362
Commercial and Industrial		1		44,149		44,149
Total		2	$	339,511	$	339,511

The troubled debt restructurings described above increased the allowance for loan losses by $36,395 and did not result in charge offs during the period ended September 30, 2011.

19

Part I — FINANCIAL INFORMATION

During the three months ended September 30, 2012, one loan modified as a troubled debt restructure had a payment default within twelve months following the modification.

The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the period ended September 30, 2011:

			Pre-Modification		Post-Modification
	Number		Outstanding Recorded		Outstanding Recorded
	of Loans		Investment		Investment
Troubled Debt Restructurings:
1-4 Family Non-Owner Occupied		13	$	1,050,206	$	1,050,206
Home Equity Lines of Credit		1		63,782		63,782
Total		14	$	1,113,988	$	1,113,988

For the purpose of this disclosure, a loan is considered to be in payment default once it is 90 days contractually past due under the modified terms.

The troubled debt restructurings that subsequently defaulted described above did not result in increasing the allowance or result in charge offs during the period ending September 30, 2011.

Credit Quality Indicators

The Company categorizes loans into risk strata based on relevant borrower information about the ability to service debt. This information includes a review of current financial information, historic payment experience, credit documentation, relevant public information and other factors, as determined by credit underwriting guidelines. Through its analysis of individual borrowers, the Company classifies each loan as to credit risk. All loans considered non-homogeneous, specifically those that are deemed commercial and industrial or commercial real estate loans, are subject to review by the Company, regardless of loan size. In practice, these loans are reviewed continually and changes to the risk rating, if necessary, occur on a quarterly basis. Loans that are considered homogeneous, or those which fall into the categories of one-to-four family loans or into consumer loans, are not individually rated annually. The payment performance of the homogeneous loans serves as the clear credit indicator of classification into the categories of pass-rated loans or into substandard, non-accrual loans. Homogeneous loans that are less than 90 days past due are generally reported as pass-rated loans, unless related to a rated commercial and industrial or commercial real estate loan. Homogeneous loans which are greater than 90 days past due are placed on non-accrual and rated substandard. Payment performance indicators are based on performance through September 30, 2012. The Company uses the following definitions for adverse risk ratings:

Special Mention. Loans classified as special mention have a potential weakness that requires close attention. If left unattended, the potential weaknesses may result in further deterioration in the repayment prospects of the loan or of the institution’s credit position at a future date.

Substandard. Loans classified as substandard are protected inadequately by the current financial means of the borrower or through the liquidation of collateral pledged. Loans classified as substandard have a well-defined weakness and without substantial intervention, there is a distinct possibility that the Company may incur a loss. As a matter of practice, if the Company feels that a total loss is imminent, it

20

Part I — FINANCIAL INFORMATION

designates nearly all of these loans to charge off. Accordingly, the Company uses the loan classification of doubtful (as defined hereafter), sparingly.

Doubtful. Loans classified as doubtful have all of the inherent weaknesses of those loans classified as substandard with the added structural weakness that the collection in full is highly unlikely. As such, this category is used sparingly by the Company.

As of September 30, 2012, and based on the most recent analysis performed by the Company, the risk category of loans by class of loan was as follows:

			Special
	Pass(1)		Mention		Substandard		Doubtful		Total
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	56,662,038	$	0	$	2,567,550	$	0	$	59,229,588
1-4 Family Non-Owner Occupied		30,693,293		1,108,211		2,462,498		0		34,264,002
1-4 Family Second Mortgage		27,762,887		205,384		728,464		0		28,696,735
Home Equity Lines of Credit		62,045,109		49,585		2,763,839		0		64,858,533
Home Equity Investment Lines of Credit		4,312,353		200,846		748,505		0		5,261,704
One-to-Four Family Construction Loans:
1-4 Family Construction		1,030,832		0		308,927		0		1,339,759
1-4 Family Construction Models/Speculative		93,964		0		526,364		0		620,328
Multi-Family Loans:
Multi-Family		61,448,233		1,112,062		5,720		0		62,566,015
Multi-Family Second Mortgage		144,588		0		0		0		144,588
Multi-Family Construction		108,303		0		0		0		108,303
Commercial Real Estate Loans:
Commercial		182,950,964		3,389,855		11,455,022		0		197,795,841
Commercial Second Mortgage		4,794,184		0		0		0		4,794,184
Commercial Lines of Credit		19,724,964		0		2,905,781		0		22,630,745
Commercial Construction		8,471,587		0		644,808		0		9,116,395
Commercial and Industrial Loans		36,356,799		87,877		1,068,721		0		37,513,397
Land Loans:
Lot Loans		4,901,956		38,650		4,395,212		0		9,335,818
Acquisition and Development Loans		17,367,339		0		1,579,625		0		18,946,964
Consumer Loans		2,099,017		0		0		0		2,099,017
Total	$	520,968,410	$	6,192,470	$	32,161,036	$	0	$	559,321,916

(1) There are $2.1 million in non-homogeneous loans which are subject to individual review for risk rating included in the pass risk category based on payment status as they have not yet been individually reviewed.

21

Part I — FINANCIAL INFORMATION

As of June 30, 2012, and based on the most recent analysis performed by the Company, the risk category of loans by class of loan was as follows:

			Special
	Pass(1)		Mention		Substandard		Doubtful		Total
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	55,526,297	$	0	$	3,150,598	$	—	$	58,676,895
1-4 Family Non-Owner Occupied		30,621,009		1,117,122		2,590,969		—		34,329,100
1-4 Family Second Mortgage		28,147,735		206,701		814,384		—		29,168,820
Home Equity Lines of Credit		63,030,206		49,585		2,753,893		—		65,833,684
Home Equity Investment Lines of Credit		4,828,651		200,886		609,872		—		5,639,409
One-to-Four Family Construction Loans:
1-4 Family Construction		513,466		0		0		—		513,466
1-4 Family Construction Models/Speculative		724,177		0		882,124		—		1,606,301
Multi-Family Loans:
Multi-Family		52,448,152		1,124,756		324,974		—		53,897,882
Multi-Family Second Mortgage		145,476		0		0		—		145,476
Multi-Family Construction		5,368,866		0		0		—		5,368,866
Commercial Real Estate Loans:
Commercial		183,422,738		3,100,295		11,538,141		—		198,061,174
Commercial Second Mortgage		5,743,721		0		0		—		5,743,721
Commercial Lines of Credit		19,401,017		0		2,909,112		—		22,310,129
Commercial Construction		7,079,104		0		644,807		—		7,723,911
Commercial and Industrial Loans		34,042,381		91,634		1,268,721		—		35,402,736
Land Loans:
Lot Loans		8,217,784		39,374		3,820,138		—		12,077,296
Acquisition and Development Loans		16,486,141		0		2,585,076		—		19,071,217
Consumer Loans		2,110,297		0		0		—		2,110,297
Total	$	517,857,218	$	5,930,353	$	33,892,809	$	—	$	557,680,380

(1) There are $2.6 million in non-homogeneous loans which are subject to individual review for risk rating included in the pass risk category based on payment status as they have not yet been individually reviewed.

NOTE 4 — MORTGAGE BANKING ACTIVITIES

Loans held for sale at September 30, 2012 and June 30, 2012 were $19,765,946 and $25,062,786, respectively.

The Company utilizes the fair value option for accounting for its loans held for sale. The fair value of loans held for sale exceeded the unpaid principal balance of these loans by $651,108 and $738,742 as of September 30, 2012 and June 30, 2012, respectively. The gain on loans held for sale as of September 30, 2012 was reported as gain on sale of mortgage loans on the consolidated statement of operations. Interest on loans held for sale was reported in interest income.

The Company services real estate loans for investors that are not included in the accompanying consolidated financial statements. Mortgage servicing rights are established based on the fair value of servicing rights retained on loans originated by the Company and subsequently sold in the secondary market. Mortgage servicing rights are included in the consolidated statements of financial condition under the caption “Prepaid expenses and other assets.” At September 30, 2012, the mortgage loan servicing portfolio was approximately $1.0 billion.

22

Part I — FINANCIAL INFORMATION

Originated mortgage servicing rights capitalized and amortized during the three months ended September 30, 2012 and 2011 were as follows:

	Three months ended
	September 30
	2012			2011
Servicing rights:
Beginning of period	$	6,867,334		$	7,519,287
Additions		1,548,248			520,263
Amortized to expense		(972,306	)		(773,379	)
Change in valuation allowance		(604,179	)		(698,468	)
End of period	$	6,839,097		$	6,567,703

Activity in the valuation allowance for mortgage servicing rights over the three months ended September 30, 2012, as compared with the same periods during 2011, were as follows:

	Three months ended			Three months ended
	September 30, 2012			September 30, 2011
Balance, beginning of period	$	(816,481	)	$	(304,001	)
Impairment charges		(604,179	)		(698,468	)
Impairment recoveries		—			—
Balance, end of period	$	(1,420,660	)	$	(1,002,469	)

Mortgage banking activities for the three months ended September 30, 2012 and 2011, net consisted of the following:

	Three months ended
	September 30
	2012			2011
Mortgage loan servicing fees	$	671,611		$	654,577
Amortization of mortgage loan servicing rights		(972,306	)		(773,379	)
Impairment of mortgage loan servicing rights		(604,179	)		(698,468	)
Mortgage loan servicing (loss), net		(904,874	)		(817,270	)
Changes in fair value of loans held for sale		(87,634	)		231,052
Changes in fair value of mortgage banking derivatives		567,931			748,776
Realized gains on sale of loans		3,550,824			847,607
Gain on the sale of mortgage loans	$	4,031,121		$	1,827,435

The above amounts do not include non-interest expense related to mortgage banking activities.

At September 30, 2012 and June 30, 2012, the Company had interest rate-lock commitments on $74,101,724 and $65,996,365, respectively, of loans intended for sale in the secondary market. These commitments are considered to be free-standing derivatives and the change in fair value is recorded in the consolidated financial statements. The fair value of these commitments as of September 30, 2012 and June 30, 2012 was estimated to be $3,067,188 and $1,773,453, respectively, as a reduction of accrued expenses and other liabilities in the consolidated statements of financial position. In order to mitigate the interest rate risk represented by these interest rate-lock commitments, the Company entered into contracts to sell mortgage loans of $65,021,613 and $69,150,472 as of September 30, 2012 and June 30, 2012,

23

Part I — FINANCIAL INFORMATION

respectively. These contracts are also considered to be free-standing derivatives and the change in fair value is also recorded in the consolidated financial statements. The fair value of these contracts at September 30, 2012 and June 30, 2012 were estimated to be $(843,522) and $(117,718) respectively. These amounts were netted against the fair value of interest rate-lock commitments recorded in accrued expenses and other liabilities. Changes in fair value for both types of derivatives are reported in mortgage banking activities in the consolidated statements of operations.

NOTE 5 — STOCK BASED COMPENSATION

The 2010 Equity Incentive Plan (the “2010 Plan”) replaced the 2008 Equity Incentive Plan and all remaining available shares from the 2008 Equity Incentive Plan were available for distribution under the 2010 Plan. Generally, the Company can issue incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock and other stock-based compensation under the 2010 Plan; Generally, for incentive stock options, a percentage of the options awarded become exercisable on the date of grant and on each anniversary date of grant. The option period expires ten years from the date of grant, except for awards to individuals who own more than 10% of the Company’s outstanding common shares. Incentive stock options awarded to individuals owning more than 10% of the Company’s outstanding common shares may only be granted if the exercise price of such incentive stock options is at least 110% of the fair market value on the date of grant and the term of such options must expire not later than five years from the date of grant.

Previously, nonqualified stock options have been granted to directors, which vest immediately. The option period expires ten years from the date of grant and the exercise price is the market price at the date of grant.

For the three months ended September 30, 2012, and 2011, compensation expense of $35,906 and $61,005, respectively, was recognized in the income statement related to the vesting of option awards.

As of September 30, 2012, there was $288,169 of compensation expense related to unvested awards not yet recognized in the consolidated financial statements. The weighted-average period over which this expense is to be recognized is 1.7 years.

The aggregate intrinsic value of all options outstanding at September 30, 2012 was $322,962. The aggregate intrinsic value of all options that were exercisable at September 30, 2012 was $71,865.

Options outstanding at September 30, 2012 were as follows:

	Outstanding				Exercisable
			Weighted				Weighted
Range of			Average				Average
Exercise			Remaining				Exercise
Price	Number		Life		Number		Price
$1.79 to $4.42		561,100		8.05		248,340	$	2.29
$8.32 to $13.64		177,456		2.30		195,494		11.05
Total		738,556		6.67		443,834	$	6.15

24

Part I — FINANCIAL INFORMATION

A summary of stock-based compensation activity for the three months ended September 30, 2012 is as follows:

	Three months ended
	September 30, 2012
	Total options outstanding
				Weighted-
				Average
				Exercise
	Shares			Price
Options outstanding, beginning of period		740,256		$	4.15
Forfeited		(7,200	)		3.06
Expired		(4,500	)		10.64
Exercised		—			—
Granted		10,000			1.96
Options outstanding, end of period		738,556		$	4.28
Options exercisable, end of period		443,834			6.15

The weighted-average remaining contractual life of options outstanding as of September 30, 2012 was 6.7 years. The weighted-average remaining contractual life of vested options outstanding as of September 30, 2012 was 4.7 years.

The fair value for stock options granted during the three months ended September 30, 2012, which consisted of individual grants in July and August 2012, were determined at the date of grant using a Black-Scholes options-pricing model and the following assumptions:

	September 30
	2012
Expected weighted average risk-free interest rate		0.81	%
Expected weighted average life (in years)		6.00
Expected volatility		60.00	%
Expected dividend yield		0.00	%

The weighted-average fair value of these grants was $1.10 per option. The expected average risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the life of the option. The expected average life represents the weighted-average period of time that options granted are expected to be outstanding giving consideration to vesting schedules, historical exercise and forfeiture patterns. Expected volatility is based on historical volatilities of the Company’s common shares. The expected dividend yield is based on historical information.

There were 420,790 restricted shares issued to directors and executive officers with a weighted average fair value of $1.84 per share at September 30, 2012. During the three months ended September 30, 2012, the Company issued 77,937 restricted stock awards to directors of the Company in connection with the reinstitution of a directors’ compensation plan. This grant received prior approval from the OCC. The total fair value of restricted shares issued at September 30, 2012 was $773,148. As of September 30, 2012, there was $370,729 of compensation expense related to unvested awards not yet recognized in the consolidated financial statements. The weighted-average period of time over which this expense is to be recognized was 1.77 years at September 30, 2012.

25

Part I — FINANCIAL INFORMATION

A summary of changes in the Company’s restricted shares for the three months ended September 30, 2012 is as follows:

				Weighted-
				Average
				Grant-Date
Nonvested Shares	Shares			Fair Value
Nonvested at July 1, 2012		162,333		$	303,537
Granted		77,937			157,432
Vested		(48,000	)		(90,240	)
Forfeited		—			—
Nonvested at September 30, 2012		192,270		$	370,729

There were 2,330,210 shares available for future issuance under the 2010 Plan at September 30, 2012.

NOTE 6 — EARNINGS PER SHARE

The following table discloses the income (loss) per share for the three months ended September 30, 2012 and September 30, 2011, respectively:

	Three months ended September 30,
	2012						2011
	Income				Per Share		Income					Per Share
	(Loss)		Shares		Amount		(Loss)			Shares		Amount
Basic EPS
Net income (loss)	$	1,551,087		25,832,271	$	0.06	$	(850,597	)		25,669,718	$	(0.03	)
Effect of dilutive securities—stock options and warrants	$	—		216,777	$	0.00	$	—			—	$	0.00
Diluted EPS
Net income (loss)	$	1,551,087		26,049,048	$	0.06	$	(850,597	)		25,669,718	$	(0.03	)

There were 235,496 and 618,338 options not considered in the diluted earnings per share calculation for the three months ended September 30, 2012 and 2011, respectively, because they were not dilutive as the exercise price is higher than the average stock price for the periods. There was no dilution attributable to stock options for the three months ended September 2011, since the Company was in a net loss position for the period.

Also included for consideration in the diluted earnings per share calculation for the three month period ended September 30, 2012 were warrants to acquire common shares issued as part of two separate exchange offerings. The warrants issued on September 3, 2009 include warrants to purchase 797,347 common shares, which expired on September 3, 2011. The warrants issued on March 16, 2010 include warrants to purchase 1,246,179 common shares and are exercisable at any time before March 16, 2015 at a price of $1.75 per share. The warrants issued on March 16, 2010 were considered for potential dilution for the three months ended September 30, 2012.

26

Part I — FINANCIAL INFORMATION

NOTE 7 – FAIR VALUE

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the company has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted market prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use to price an asset or liability.

The Company used the following methods and significant assumptions to estimate fair value.

Securities and mortgage-backed securities. The fair value of securities available for sale is determined by obtaining quoted market prices on nationally recognized securities exchanges, if available (Level 1 inputs). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities. The fair value of mortgage-backed securities is determined through matrix pricing. This is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

Loans held for sale at fair value. The fair value of loans held for sale, which consist of single-family residential loans, is determined using quoted secondary market prices, adjusted for specific attributes of that loan or other observable data, such as outstanding commitments from third party investors (Level 2 inputs).

Mortgage banking pipeline derivatives. The fair value of loan commitments is measured using current market rates for the associated mortgage loans (Level 2 inputs). The fair value of mandatory forward sales contracts is measured using secondary market pricing for similar product types (Level 2 inputs).

Impaired loans. The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available as well as type and status of the property. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value.

Other real estate owned. Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate owned are measured at fair value, less costs to sell. Fair values are based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data approach. Such adjustments are usually significant and typically result in a level 3 classification of the inputs for determining fair value.

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Part I — FINANCIAL INFORMATION

Appraisals for both collateral dependent impaired loans and other real estate owned are performed by certified general appraisers for commercial properties or certified residential appraisers for residential properties, whose qualifications and licenses have been reviewed and verified by the Company. When the appraisals are received, Credit Administration reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. The Company currently utilizes a 9% discount for selling costs and it is applied to all properties, regardless of size. This discount is supported by the Company’s most recent analysis. Also, an additional 10% discount is applied to properties with appraisals performed greater than 12 months ago.

Loan Servicing Rights. On a quarterly basis, loan servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. If the carrying amount on an individual tranche exceeds fair value, impairment is recorded on that tranche so that the servicing asset is carried at fair value. Fair value is determined at a tranche level based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data (Level 2).

28

Part I — FINANCIAL INFORMATION

Assets and liabilities measured at fair value on a recurring basis at September 30, 2012 and June 30, 2012, respectively, are summarized below:

			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	September 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available for sale:
FNMA structured note	$	2,003,600	$	—	$	2,003,600	$	—
Trust preferred and corporate securities		18,656,997		—		18,656,997		—
Mortgage-backed GSE securities		17,619,954		—		17,619,954		—
Loans held-for-sale		19,765,946		—		19,765,946		—
Interest rate-lock commitments		3,067,188		—		3,067,188		—
Liabilities:
Mandatory forward sales contracts		843,522		—		843,522		—
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	June 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available for sale:
FNMA structured note	$	2,009,320	$	—	$	2,009,320	$	—
Trust preferred and corportate securities		21,261,762		—		21,261,762		—
Mortgage-backed GSE securities		15,386,963				15,386,963
Loans held-for-sale		25,062,786		—		25,062,786		—
Interest rate-lock commitments		1,773,453		—		1,773,453		—
Liabilities:
Mandatory forward sales contracts		117,718		—		117,718		—

There were no transfers between Level 1 and Level 2 in the period ended September 30, 2012 or June 30, 2012. The Company's policy is to transfer assets or liabilities from one level to another when the methodology to obtain the fair value changes such that there are more or fewer unobservable inputs.

29

Part I — FINANCIAL INFORMATION

Assets measured at fair value on a nonrecurring basis at September 30, 2012 and June 30, 2012, respectively are summarized below:

			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	September 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Impaired loans
1-4 Family	$	3,784,204	$	—	$	—	$	3,784,204
1-4 Family Construction		614,903		—		—		614,903
Multi-Family		5,720		—		—		5,720
Commercial Real Estate		5,201,249		—		—		5,201,249
Commercial Non-Real Estate		238,229		—		—		238,229
Land		3,938,058		—		—		3,938,058
Real estate owned
1-4 Family		2,256,177		—		—		2,256,177
Commercial Real Estate		2,136,191		—		—		2,136,191
Land		2,839,751		—		—		2,839,751
Impaired mortgage servicing rights		6,121,857		—		6,121,857		—

			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	June 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Impaired loans
1-4 Family	$	4,033,385	$	—	$	—	$	4,033,385
1-4 Family Construction		660,862		—		—		660,862
Multi-Family		324,974		—		—		324,974
Commercial Real Estate		5,688,747		—		—		5,688,747
Commercial Non-Real Estate		238,229		—		—		238,229
Land		4,223,074		—		—		4,223,074
Real estate owned
1-4 Family		2,042,573		—		—		2,042,573
Commercial Real Estate		923,262		—		—		923,262
Land		2,914,174		—		—		2,914,174
Impaired mortgage servicing rights		6,499,157		—		6,499,157		—

Impaired loans that are measured for impairment using the fair value of the collateral for collateral dependent loans had a principal balance of $23.3 million after the application of impaired charge-offs and impaired recasting of $8.0 million, with a specific valuation allowance of $1.4 million at September 30, 2012. At June 30, 2012, impaired loans that are measured for impairment using the fair value of the collateral for collateral dependent loans had a principal balance of $26.3 million after the application of impaired charge-offs of $9.7 million, with a specific valuation allowance of $1.4 million. The provision for loan losses related to changes in the fair value of impaired loans was $.1 million and $2.5 million for the three months ended September 30, 2012 and 2011, respectively.

Tranches of mortgage servicing rights carried at fair value totaled $6.1 million, which is made up of the outstanding balance of $7.5 million, net of a valuation allowance of $1.4 million at September 30, 2012. During the three months ended September 30, 2012 and 2011, the Company recognized an impairment charge of $0.6 million and $0.7 million respectively. Tranches of mortgage servicing rights carried at fair value totaled $6.5 million, which is made up of the outstanding balance of $7.3 million, net of a valuation

30

Part I — FINANCIAL INFORMATION

allowance of $0.8 million at June 30, 2012. Mortgage servicing rights are valued by an independent third party that is active in purchasing and selling these instruments. The value reflects the characteristics of the underlying loans discounted at a market multiple.

Other real estate owned which is maintained at fair value less costs to sell, had a net carrying amount of $7,232,119 and $7,733,578 at September 30, 2012, and June 30, 2012, respectively. The carrying amount of other real estate owned is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying amount exceeds the fair value, less estimated selling costs. For the three months ended September 30, 2012, the Company recognized a net loss of $17,881 on the disposal of other real estate owned compared to the gain of $140,112 recognized for three months ended September 30, 2011. The Company also recorded a provision for other real estate owned losses of $233,719 and $69,400 for the quarters ended September 30, 2012 and 2011, respectively. These direct write-downs recognized for the period are the result of obtaining updated appraisal valuations and reflect declining property values while holding the asset. The Company values all other real estate owned by obtaining updated appraisal valuations every twelve months. There have been no upward adjustments made in determining fair value.

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2012:

	Fair value at September 30, 2012		Valuation Techniques	Unobservable Inputs	Range and (weighted Average)
Impaired loans	$	13,782,363	Appraisal value - sales comparison approach	Adjustment by management to reflect current conditions and selling costs	9% - 19%
Real estate owned		7,232,119	Appraisal value - sales comparison approach	Adjustment by management to reflect current conditions and selling costs	9% - 19%

31

Part I — FINANCIAL INFORMATION

The Company has elected the fair value option for loans held for sale. These loans are intended for sale and are hedged with derivative instruments, and the Company believes the fair value is the best indicator of the valuation of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of these loans are 90 days or more past due or on nonaccrual as of September 30, 2012 and 2011.

As of September 30, 2012 and 2011, the aggregate fair value, contractual balance (including accrued interest), and gain or loss was as follows:

	2012		2011
Aggregate fair value	$	19,765,946	$	12,856,969
Contractual balance		19,114,838		12,443,953
Gain (loss)		651,108		413,016

The total amount of gains (losses) from changes in fair value included in earnings for the period ended September 30, 2011 and 2012 for loans held for sale were $231,052 and $(87,634) respectively.

The carrying amounts and estimated fair values of financial instruments at September 30, 2012 are as follows:

	Carrying			Fair Value Measurements at September 30, 2012
	Value			Level 1			Level 2			Level 3		Total
	(dollars in thousands)
Assets:
Cash and amounts due from financial institutions	$	16,903		$	16,903		$	—		$	—	$	16,903
Interest-bearing deposits		97,672			97,672			—			—		97,672
Securities available for sale		38,281			—			38,281			—		38,281
Loans receivable, net		543,186			—			—			565,090		565,090
Loans receivable held for sale, net		19,766			—			19,766			—		19,766
Federal Home Loan Bank stock		12,811			N/A			N/A			N/A		N/A
Accrued interest receivable		2,142			—			126			2,016		2,142
Commitments to make loans intended to be sold		3,067			—			3,067			—		3,067
Liabilities:
Demand deposits and savings		(284,340	)		(284,340	)		—			—		(284,340	)
Time deposits		(361,810	)		—			(343,358	)		—		(343,358	)
Notes payable		(1,019	)		—			(1,019	)		—		(1,019	)
Advances from the Federal Home Loan Bank		(35,000	)		—			(37,173	)		—		(37,173	)
Mandatory forward sale contract		(844	)		—			(844	)		—		(844	)
Accrued interest payable		(127	)		(28	)		(99	)		—		(127	)

32

Part I — FINANCIAL INFORMATION

The carrying amount and estimated fair values of financial instruments at June 30, 2012 were as follows:

	Carrying			Fair Value Measurements at June 30, 2012
	Value			Level 1			Level 2			Level 3		Total
	(dollars in thousands)
Assets:
Cash and amounts due from financial institutions	$	5,841		$	5,841		$	—		$	—	$	5,841
Interest-bearing deposits		114,270			114,270			—			—		114,270
Securities available for sale		38,658			—			38,658			—		38,658
Loans receivable, net		541,628			—			—			569,603		569,603
Loans receivable held for sale, net		25,063			—			25,063			—		25,063
Federal Home Loan Bank stock		12,811			N/A			N/A			N/A		N/A
Accrued interest receivable		2,047			—			174			1,873		2,047
Commitments to make loans intended to be sold		1,773			—			1,773			—		1,773
Liabilities:
Demand deposits and savings		(271,412	)		(271,412	)		—			—		(271,412	)
Time deposits		(384,567	)		—			(385,872	)		—		(385,872	)
Notes payable		(1,046	)		—			(1,046	)		—		(1,046	)
Advances from the Federal Home Loan Bank		(35,000	)		—			(37,222	)		—		(37,222	)
Mandatory forward sale contract		(118	)		—			(118	)		—		(118	)
Accrued interest payable		(120	)		(112	)		(8	)		—		(120	)

The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is involved in interpreting market data so as to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange and may not necessarily be the exit price. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The Company used the following methods and assumptions to estimate fair value for items not described above:

Cash and amounts due from financial institutions, interest-bearing deposits, and federal funds sold. The carrying amount is a reasonable estimate of fair value because of the short maturity of these instruments and therefore are classified as Level 1.

Loans receivable. For performing variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values resulting in a level 3 classification. For other performing loans receivable, fair value is estimated by discounting contractual cash flows adjusted for prepayment estimates using discount rates based on secondary market sources adjusted to reflect differences in servicing and credit costs resulting in a level 3 classification.

Federal Home Loan Bank stock. It was not practical to determine the fair value of FHLB stock due to

33

Part I — FINANCIAL INFORMATION

restrictions placed on its transferability.

Accrued interest receivable and accrued interest payable. The carrying amount is a reasonable estimate of the fair value. The fair value level classification is consistent with the related final instrument.

Demand deposits and time deposits. The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date resulting in a level 1 classification. The fair value of fixed-maturity certificates of deposit is estimated using discounted cash flows and rates currently offered for deposits of similar remaining maturities resulting in a level 2 classification.

Note payable. The carrying amount is a reasonable estimate of the fair value resulting in a level 2 classification.

Federal Home Loan Bank Advance. The fair value of the Company’s FHLB debt is estimated based on the current rates offered to the Company for debt of the same remaining maturities resulting in a level 2 classification.

NOTE 8 —NOTE PAYABLE

On November 24, 2008, one of the Company’s subsidiaries obtained a $1.4 million dollar loan from another financial institution with a principal balance of $1,019,445 as of September 30, 2012. The loan was a refinance of a line of credit loan and is collateralized by the Company’s Solon, Ohio headquarters building. The note carries a variable interest rate that adjusts to The Wall Street Journal published prime lending rate plus 50 basis points. The loan required the payment of interest only for nine months and then converted to an amortizing loan for a term of 15 years. At September 30, 2012, the interest rate was 3.80%.

NOTE 9 — REGULATORY MATTERS

The Company and the Bank are subject to various regulatory capital requirements, which are now administered by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and the Office of the Comptroller of the Currency (“OCC”). Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by banking regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Prompt corrective action regulations provide five classifications: well capitalized; adequately capitalized; undercapitalized; significantly undercapitalized; and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category.

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Part I — FINANCIAL INFORMATION

Federal regulations require savings institutions to maintain certain minimum levels of regulatory capital. An institution that fails to comply with its regulatory capital requirements must obtain approval of a capital plan and can be subject to a capital directive and certain restrictions on its operations. At September 30, 2012, the adjusted total minimum regulatory capital regulations require institutions to have a minimum tangible capital to adjusted total assets ratio of 1.5%; a minimum leverage ratio of core (Tier 1) capital to adjusted total assets of 4.0%; a minimum ratio of core (Tier 1) capital to risk-weighted assets of 4.0%; and a minimum ratio of total capital to risk-weighted assets of 8.0%. At September 30, 2012 and 2011, respectively, the Bank exceeded all of the aforementioned regulatory capital requirements. For more information, please see Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources.

On October 19, 2009, the Company and the Bank each entered into a Stipulation and Consent to the Issuance of Order to Cease and Desist with the Office of Thrift Supervision (the “OTS”), whereby the Company and the Bank each consented to the issuance of an Order to Cease and Desist (the “Company Order” and the “Bank Order”) without admitting or denying that grounds existed for the OTS to initiate an administrative proceeding against the Company or the Bank. Effective July 21, 2011, the OCC and the Federal Reserve Board succeeded to all powers, authorities, rights, and duties of the OTS relating to the enforcement of the Bank and Company Orders, respectively, as a result of the regulatory transition under the Dodd-Frank Wall Street Reform and Consumer Protection. On August 27, 2012, the Bank was released from the Bank Order.

The Company Order requires the Company to take several actions, including, but not limited to: (i) submit a capital plan that includes, among other things, (1) the establishment of a minimum tangible capital ratio of tangible equity capital to total tangible assets commensurate with the Company’s consolidated risk profile, and (2) specific plans to reduce the risks to the Company from its current debt levels and debt servicing requirements; (ii) not declare, make or pay any cash dividends or other capital distributions or purchase, repurchase or redeem or commit to purchase, repurchase or redeem Company equity stock without the prior non-objection of the OTS, except that this provision does not apply to immaterial capital stock redemptions that arise in the normal course of the Company’s business in connection with its stock-based compensation plans; and (iii) not incur, issue, renew, roll over or increase any debt or commit to do so without the prior non-objection of the OTS (debt includes loans, bonds, cumulative preferred stock, hybrid capital instruments such as subordinated debt or trust preferred securities, and guarantees of debt).

The Company Order also imposes certain on-going reporting obligations and additional restrictions on severance and indemnification payments, changes in directors and management, employment agreements and compensation arrangements that the Company may enter into, third-party service contracts and transactions with affiliates.

At September 30, 2012, the Company believes it is in compliance with all requirements of the Order that are required to date. The Company Order will remain in effect until terminated, modified, or suspended in writing.

Regulations limit capital distributions by savings institutions. Generally, capital distributions are limited to undistributed net income for the current and prior two years. At September 30, 2012, the Bank was not allowed to make any capital distributions without regulatory approval.

35

Part I — FINANCIAL INFORMATION

At September 30, 2012, the Bank was in compliance with regulatory capital requirements as set forth below (dollars in thousands):

											To Be Well
						Required					Capitalized Under					Required Under
						For Capital					Prompt Corrective					Regulatory
	Actual					Adequacy Purposes					Action Regulations					Bank Order
	Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio
September 30, 2012
Total Capital to risk weighted assets	$	79,587		13.34	%	$	47,765		8.00	%	$	59,706		10.00	%		N/A		N/A
Tier 1 (Core) Capital to risk weighted assets		72,017		12.06	%		23,882		4.00	%		35,824		6.00	%		N/A		N/A
Tier 1 (Core) Capital to adjusted total assets		72,017		9.16	%		31,454		4.00	%		39,318		5.00	%		N/A		N/A
Tangible Capital to adjusted total assets		72,017		9.16	%		11,795		1.50	%		N/A		N/A			N/A		N/A

At June 30, 2012, the Bank was in compliance with regulatory capital requirements as set forth below (dollars in thousands):

											To Be Well
						Required					Capitalized Under					Required Under
						For Capital					Prompt Corrective					Regulatory
	Actual					Adequacy Purposes					Action Regulations					Bank Order
	Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio
June 30, 2012
Total Capital to risk weighted assets	$	77,932		13.10	%	$	47,605		8.00	%	$	59,506		10.00	%	$	71,407		12.00	%
Tier 1 (Core) Capital to risk weighted assets		70,387		11.83	%		23,802		4.00	%		35,704		6.00	%		N/A		N/A
Tier 1 (Core) Capital to adjusted total assets		70,387		8.74	%		32,224		4.00	%		40,280		5.00	%		64,448		8.00	%
Tangible Capital to adjusted total assets		70,387		8.74	%		12,084		1.50	%		N/A		N/A			N/A		N/A

NOTE 10 — FEDERAL INCOME TAXES

Management recorded net deferred tax assets at September 30, 2012 of $4.2 million. A valuation allowance is established to reduce the deferred tax asset if it is more likely than not that the related tax benefits will not be realized. In management’s opinion, it is more likely than not that the tax benefits will not be realized; consequently, a full valuation allowance was established as of June 30, 2011. When determining the amount of deferred tax assets that are more-likely-than-not to be realized, and therefore recorded as a benefit, the Company conducts a regular assessment of all available information. This information includes, but is not limited to, taxable income in prior periods, projected future income, and projected future reversals of deferred tax items. Based on these criteria, the Company determined that it was necessary to carry a valuation allowance against deferred tax assets of $4.2 million at September 30, 2012 to reduce the carrying amount of the Company’s net deferred tax asset to zero. At June 30, 2012, the Company recorded a deferred tax asset of $4.8 million with a valuation allowance of $4.8 million reducing the carrying amount of the Company’s net deferred tax asset to zero.

36

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following analysis discusses changes in financial condition and results of operations at and for the three months ended September 30, 2012 for the Company, the Bank, its principal and wholly-owned subsidiary, PVFSC, a wholly-owned real estate subsidiary, Mid Pines Land Company, a wholly-owned real estate subsidiary, and PVF Holdings, Inc., PVF Community Development and PVF Mortgage Corporation, three wholly-owned and currently inactive subsidiaries.

Forward-Looking Statements

When used in this Quarterly Report on Form 10-Q, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties including changes in economic conditions in the Company’s market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, and competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Additional factors that may affect the Company’s results are discussed under “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events except as and required by law.

Financial Condition

Consolidated assets of the Company were $779.1 million as of September 30, 2012, a decrease of approximately $12.3 million, or 1.6%, as compared to June 30, 2012. The Company’s regulatory capital ratios for Tier 1 (core) capital, Tier 1 risk-based capital, and total risk-based capital were 9.16%, 12.06%, and 13.34%, respectively, at September 30, 2012. At September 30, 2012, the Company’s cash and cash equivalents, which consist of cash, interest-bearing deposits and federal funds sold, totaled $114.6 million, a decrease of $5.5 million, or 4.6%, as compared to June 30, 2012. The change in the Company’s cash and cash equivalents consisted of increases in cash of $11.1 million and a decrease in interest bearing deposits of $16.6 million as the Company deployed a portion of its liquidity to fund the reduction in deposits and reduce its cost of funds.

The Company continued the origination of fixed-rate, single-family loans in its marketplace, with most originated for sale in the secondary market rather than for its portfolio. The origination and sale of fixed-rate loans has historically generated gains on sale and allowed the Company to increase its investment in loans serviced, without assuming the interest-rate risk associated with holding long-term fixed-rate assets, which facilitates the maintenance of stronger liquidity levels. Mortgage application volume has remained elevated in the current quarter, due to a low interest rate environment.

37

During the three months ended September 30, 2012, securities available for sale decreased by $.4 million the result of the purchases of $4.0 million in mortgage-backed securities and $3.0 million in corporate securities, which was offset by principal repayments, calls exercised, amortization of book premium and changes in market value of available for sale securities.

Loans receivable increased by $1.6 million, or .3%, during the three months ended September 30, 2012. The Company continued its strategic focus on the origination of high quality commercial and industrial loans and select commercial real estate loans, experiencing growth in performing loans of approximately $3.7 million, or .7%, during this same period. During the quarter ended September 30, 2012, the Company recorded net charge-offs of $1.0 million. The desired decline in nonperforming loans, $2.2 million or 11.01% from June 30, 2012 is due to the successful disposition of problem and nonperforming loans combined with the results of problem loan charge-offs. The Company historically recognized specific impairment on individual loans through the use of specific valuation allowance, but did not charge off the impaired loan amount until the loan was disposed and removed from the loan accounting system. The loan balances were reported in the loan totals, including nonperforming loans, at the contractual amount and the specific allowance was included and reported as part of the allowance for loan losses. During the three months ended December 31, 2011, the Company implemented an enhanced loan accounting system, which provides for the systematic recording of charged-off loans for financial recognition without losing its ability to track the legal contractual amounts. As such, during the quarters ended March 31, 2012 and December 31, 2011, the Company charged off those loan amounts which had previously been specifically impaired through the use of a specific valuation allowance, totaling approximately $0.7 million and $11.8 million, respectively. In addition to reducing loan balances, including nonperforming loans, the implementation of this new enhanced loan accounting system had the impact of elevating reported charge-offs for the quarter ended December 31, 2011 and reducing the allowance for loan losses associated with specific valuation allowances this same period. The remaining decline in nonperforming loans was the result of net dispositions and transfers to other real estate owned. The Company continues to sell almost all new residential loan production in the secondary market in this interest rate environment, as the Company manages its interest rate and liquidity risk along with its capital ratios. As the Company continues to make meaningful progress in its problem asset resolution, it intends to continue accelerating the origination of commercial and industrial loans for its portfolio as part of its plan to diversify the balance sheet.

The Company does not originate sub-prime loans and only originates Alt A loans for sale, without recourse, in the secondary market. The Company considers subprime borrowers typically to have weakened credit histories that include payment delinquencies and possibly more severe problems such as charge-offs, judgments and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Subprime loans are loans to borrowers displaying one or more of these characteristics at the time of origination or purchase. The Company also does not originate any hybrid loans, low-doc/no-doc loans or payment option ARMs. All one-to-four family loans are underwritten according to agency underwriting standards. Exceptions, if any, are submitted to the Company’s board loan committee for approval. Any exposure the Company may have to these types of loans is immaterial.

The decrease of $5.3 million in loans receivable held for sale as of September 30, 2012 was the result of steady new loan originations and timing differences between the origination and the sale of loans. One-to-four family mortgage application volume has remained elevated in the current period as a result of lower interest rates, resulting in higher refinancing activity and related revenue.

For the three months ended September 30, 2012, other real estate owned decreased $.5 million. The activity for the period consisted of the addition of properties totaling approximately $.8 million, offset by

38

the disposal of properties totaling $1.1 million. The Company realized a net loss of approximately $0.02 million on the disposition of these properties. The Company also recorded an impairment charge of $.2 million on the carrying amount of real estate still in inventory at September 30, 2012, based on updated valuations and market conditions. At September 30, 2012, the Company held 51 properties, totaling $7.2 million in other real estate owned. The other real estate owned included 24 single-family properties, 20 land properties, and 7 commercial properties.

The Company generally seeks to fund loan activity and liquidity by generating deposits through its branch network and through the use of various borrowing facilities. Deposits decreased by $9.8 million, or 1.5%, which was a result of an increase of $12.9 million in non-maturing deposits partially offset by a decrease of $22.8 million in retail certificates of deposit. The decline in retail certificates of deposit was strategically directed as part of management’s relationship pricing initiative which targeted rate sensitive, non-relationship deposits for reduction coupled with an emphasis on increasing commercial deposits. Management will continue to modify its noncore deposit strategies to support the funding needs of the Company’s loan activities, while maintaining appropriate liquidity levels, as it executes its strategies to diversify its funding mix by expanding core deposit relationships and building business deposits.

The increase in advances from borrowers for taxes and insurance of $2.5 million for the period ended September 30, 2012 was attributable to timing differences between the collection and payment of taxes and insurance. The increase of $7.1 million in accrued expenses and other liabilities was primarily the result of timing differences between the collection and remittance of funds received on loans serviced for investors.

Results of Operations: Three months ended September 30, 2012, compared to three months ended September 30, 2011.

The Company’s net income is dependent primarily on its net interest income, which is the difference between interest earned on its loans and investments and interest paid on interest-bearing liabilities. Net interest income is determined by: (i) the difference between yields earned on interest-earning assets and rates paid on interest-bearing liabilities (“interest-rate spread”); and (ii) the relative amounts of interest-earning assets and interest-bearing liabilities. The Company’s interest-rate spread is affected by regulatory, economic and competitive factors that influence interest rates, loan demand, the collectibility of loans, and deposit flows. Net interest income also includes amortization of loan origination fees, net of origination costs.

The Company’s net income is also affected by the generation of non-interest income, which primarily consists of loan servicing income, service fees on deposit accounts, and gains on the sale of loans held for sale. In addition, net income is affected by the level of operating expenses, loan loss provisions, and costs associated with the acquisition, maintenance and disposal of real estate.

The Company recognized a net profit for the three months ended September 30, 2012 of $1.6 million, or $0.06 per basic and diluted share, as compared to a net loss of $0.8 million, or $0.03 per basic and diluted share, for the prior-year comparable period. The increase in income is the result of an increase in net interest income of $.6 million, a decrease in the provision for loan losses, of $.5 million and an increase in noninterest income primarily associated with mortgage banking activity of $1.6 million offset by an increase in operating expenses of $.3 million.

39

PART I — FINANCIAL INFORMATION

Net Interest Income

Despite lower interest earning assets and liabilities, net interest income for the three months ended September 30, 2012 increased by $0.6 million, as compared to the prior-year comparable period. Interest income increased slightly with a larger decline realized in interest expense. Total interest income decreased $0.01 million during the current period compared with the same period in the prior year. A continued effort to replace nonperforming loans with performing loans as well as the change in mix of cash and available for sale securities to acquire better yielding assets limited the decline in yield during the ongoing low rate environment. Total interest expense declined $.6 million from a year ago, partially due to a decline in deposits, but primarily due to the Company’s ability to lower the cost funds. The low interest rate environment has allowed more repricing opportunities augmenting a more rapid decline in cost of funds.

40

PART I — FINANCIAL INFORMATION

The following table presents comparative information for the three months ended September 30, 2012 and 2011, respectively, with respect to average balances and average yields and costs for interest-earning assets and interest-bearing liabilities:

	September 30, 2012								September 30, 2011
	Average					Average			Average					Average
	Balance			Interest		Yield/Cost			Balance			Interest		Yield/Cost
						(dollars in thousands)
Interest-earning assets
Loans (1)	$	579,092		$	6,986		4.83	%	$	584,752		$	7,104		4.86	%
Mortgage-backed securities		16,241			80		1.98	%		4,911			50		4.07	%
Investments and other		129,776			345		1.06	%		151,019			244		0.65	%
Total interest-earning assets		725,109			7,411		4.09	%		740,682			7,398		4.00	%
Non-interest-earning assets		55,441								42,853
Total assets	$	780,550							$	783,535
Interest-bearing liabilities
Deposits	$	647,398		$	1,326		0.82	%	$	651,711		$	1,949		1.20	%
Borrowings		36,028			270		3.00	%		36,135			272		2.98	%
Total interest-bearing liabilities		683,426			1,596		0.93	%		687,846			2,221		1.29	%
Non-interest-bearing liabilities		26,555								24,809
Total liabilities		709,981								712,655
Stockholders’ equity		70,570								70,880
Total liabilities and stockholders’ equity	$	780,551							$	783,535
Net interest income				$	5,815							$	5,177
Interest-rate spread							3.16	%							2.71	%
Net yield on interest-earning assets							3.21	%							2.80	%
Interest-earning assets to interest-bearing liabilities		106.10	%							107.68	%

(1) Non-accruing loans are included in the average loan balances for the periods presented.

41

PART I — FINANCIAL INFORMATION

Provision for Loan Losses and Asset Quality

For the three months ended September 30, 2012, a provision for loan losses of $1.1 million was recorded to bring the total allowance for loan losses to a level considered by management to be appropriate, based on management’s evaluation of relevant factors, including the risk characteristics and trends of the loan portfolio, historic and current loss experience, current economic conditions and underlying collateral valuations. This compares with the $1.5 million for the three months ended September 30, 2011.

The Company implemented an enhanced loan accounting system in December 2011 which provides for the systematic recording of charged-off loans for financial recognition without losing its ability to track the legal contractual amounts. The Company charged off those loan amounts which had previously been specifically impaired. Remaining specific impairments known in prior periods as specific valuation allowances are now tracked as specific allocations to the allowance. In addition to reducing loan balances, including nonperforming loans, this new enhanced loan accounting system had the impact of elevating reported charge-offs for the quarter ended December 31, 2011 and reducing the allowance for loan losses associated with specific reserves. The provision for loan losses for the current period reflects management’s judgments about the credit quality of the Company’s loan portfolio. As of September 30, 2012, the allowance for loan losses no longer consists of a specific component and a general component. Rather, the allowance for loan losses maintains specific allocations where appropriate on loans where known risks have been identified but no clear loss has been quantified or deemed appropriate to be taken.

The following is a breakdown of the allowance for loan losses:

	September 30, 2012		June 30, 2012
General allowance	$	14,683,135	$	14,634,531
Specific allocation		1,452,505		1,418,334
Total allowance for loan losses	$	16,135,640	$	16,052,865

The allowance for loan losses remained flat at 2.9% of loans outstanding at September 30, 2012, and June 30, 2012. The company recorded net charge-offs of $1.0 million for the current quarter down from the $2.4 million recorded for the quarter ended June 30, 2012. The coverage ratio of the allowance for loan losses to nonperforming loans improved to 90.3% at September 30, 2012, compared with 80.7% at June 30, 2012, which is attributable to the ongoing reduction in nonperforming loan balances. Adversely classified assets continue to show reductions falling to $38.4 million at September 30, 2012. Trends continue to reflect directional improvement, management remains cautious due to continued uncertainty surrounding macroeconomic indicators. Furthermore management desires additional time periods of improved conditions and asset quality indicators before releasing reserves.

Management’s approach includes establishing a specific allocation by evaluating individual nonperforming loans for probable losses based on a systematic approach involving estimating the realizable value of the underlying collateral. Additionally, management establishes a general allowance for pools of performing loans segregated by collateral type. For the general allowance, management is applying a prudent loss factor based on historical loss experience, trends based on changes to nonperforming loans and foreclosure activity, and a subjective evaluation of the local population and economic environment. The loan portfolio is segregated into categories based on collateral type and a loss factor is applied to each category. The initial basis for each loss factor is the Company’s loss experience

42

PART I — FINANCIAL INFORMATION

for each category. Historical loss percentages are calculated based on transfers from the general reserve to the specific reserve, indicating a loss has been incurred, for each risk category during the historical period and dividing the total by the average balance of each category. Presently, historical loss percentages are updated on a monthly basis using an 18-month rolling average. Subjective adjustments are made to the Company’s historical experience, including consideration of trends in delinquencies and classified loans, portfolio growth, national and local economic and business conditions including unemployment, bankruptcy and foreclosures and effectiveness of credit administration, as appropriate.

A provision for loan losses is recorded when necessary to bring the allowance to a level consistent with this analysis. Management believes it uses the best information available to make a determination as to the adequacy of the allowance for loan losses. The current provision for loan losses is allocated by loan portfolio segment and lower historical loss factors resulted in recoveries in certain loan portfolio segments in the current period and are illustrated as a negative provision in Note 3 – Loans Receivable. The current period provision for loan losses reflects the continued level of elevated charge-offs during the period.

The total allowance for loan losses increased slightly during the three months ended September 30, 2012. During the quarter $1.0 million was provided to commercial real-estate, $.6 million to one-to-four family, and $.3 million to commercial and industrial segments. While the one-to four family allocation was a replacement of charge offs the commercial and industrial and commercial real-estate were additional allocations reflecting overall changes in the portfolio. The multifamily and land both saw a release of reserves of $.8 million and $.1 million respectively back into the general allocation. The portion of the provision associated with the multi-family category was reduced during the quarter ended September 30, 2012 due to multi-family construction loans being converted to amortizing loans thus resulting in a lower risk profile. The remaining portion of the provision was allocated between consumer and one-to-four family construction. These allocations more than covered the $1.0 million in net charge offs taken during the quarter.

The Company continues to aggressively review and monitor its loan portfolio. This review involves analyzing all large borrowing relationships, delinquency trends, and loan collateral valuation in order to identify impaired loans. This analysis is performed so that management can identify all troubled loans and loan relationships as well as deteriorating loans and loan relationships. As a result of this review, detailed action plans are developed to either resolve or liquidate the troubled loans and end the borrowing relationship.

43

PART I — FINANCIAL INFORMATION

Nonperforming assets at September 30, 2012 and June 30, 2012 were as follows:

	September 30,			June 30,
(Dollars in thousands)	2012			2012
Loans on non-accruing status(1)
Real estate mortgages:
One-to-four family residential	$	8,131		$	9,191
Commercial		4,405			4,571
Multi-family residential		6			325
Construction and land		5,084			5,551
Non real estate		238			438
Total loans on nonaccrual status	$	17,864		$	20,076
Ratio of nonperforming loans to total loans		3.19	%		3.60	%
Other nonperforming assets(2)	$	7,232		$	7,734
Total nonperforming assets(3)	$	25,096		$	27,927
Total nonperforming assets to total assets		3.22	%		3.51	%

The levels of nonperforming loans at September 30, 2012 and June 30, 2012 were attributable to continued challenging local economic conditions. Residential markets nationally and locally have been adversely impacted by an elevated level of foreclosures, as a result of the problems faced by sub-prime borrowers and the resulting contraction of residential credit available to all but the most credit worthy borrowers. Land development projects nationally and locally have experienced slow sales and price decreases. The Company has significant exposure to the residential market in the Greater Cleveland, Ohio area. As a result, the Company continues to experience an elevated, but improving level of nonperforming loans. Due to an increase in foreclosure activity in the area, the foreclosure process in Cuyahoga County, the Company’s primary market remains elongated. As such, loans have remained past due for considerable periods prior to being collected, transferred to other real estate owned, or charged off.

Non-Interest Income

For the three months ended September 30, 2012, non-interest income increased by $1.6 million from the prior-year comparable period. The increase in the current period was primarily attributed to higher income from net mortgage banking activities of approximately $2.1 million partially offset by higher provision for write downs and losses on the disposal of other real estate owned totaling $0.3 million. Also the Company did not sell the guaranteed portions on its Small Business Administration (“SBA”) loan originations during the quarter. This compares with SBA gains of $0.2 million in the quarter ended September 30, 2011.

The Company pursues a strategy of originating long-term fixed-rate loans pursuant to FHLMC and FNMA guidelines and selling such loans to the FHLMC or the FNMA, while retaining the servicing rights of such loans. The majority of the mortgage lending activities in the current environment continues to involve refinancing and is highly correlated to interest rate movements and levels. The net gains on loan origination and sales activities totaled $4.0 million for the current period, which represented an increase of $2.2 million

44

PART I — FINANCIAL INFORMATION

compared with the prior-year period of $1.8 million. The high level of refinancing in the current period resulted in a loan servicing loss of $0.9 million compared to $0.8 million in the prior-year comparable quarter end. The Company recorded a valuation impairment charge against the book value of the mortgage loan servicing rights of $0.6 million and $0.7 million for the three months ended September 30, 2012 and 2011, respectively.

Gains and losses on the sale of other real estate owned, including write-downs, is recorded in non-interest income and was a net loss of $0.3 million for the quarter ended September 30, 2012, down from the net gains of $.1 million for the same prior-year period.

Non-Interest Expense

Non-interest expense for the three months ended September 30, 2012 increased by $0.3 million, or 5.0%, from the prior-year comparable period. This resulted from increased compensation of $.2 million, and outside service costs of $.3 million offset by lower other real estate owned expenses of $0.2 million.

The decrease to other real estate owned expense for the current period is attributable to a decline in the acquisition and maintenance of properties acquired through foreclosure as compared with last year, but remains elevated during the current period due to the activity levels associated with problem asset disposition. The increase in outside services was primarily due to increased cost associated with the migration to an outside service provider for information technology.

Income Tax Expense (Benefit)

There was no federal income tax provision (benefit) recorded for the three months ended September 30, 2012, compared to a 3.0% benefit on the net loss for the prior-year comparable period. An ongoing analysis of the Company’s deferred tax asset has resulted in recognizing a valuation allowance of $4.2 million, resulting in a net deferred tax asset of $0 at September 30, 2012.

45

PART I — FINANCIAL INFORMATION

Liquidity and Capital Resources

PVF’s shareholders’ equity totaled $72.8 million and $70.6 million for the quarters ended September 30, 2012 and 2011 respectively. On March 26, 2010, PVF completed a rights offering and an offering to a standby investor. Stockholders exercised subscription rights to purchase all 14,706,247 shares offered at a subscription price of $1.75 per share. Additionally, the standby investor purchased 2,436,610 shares at the subscription price of $1.75 per share. In total, PVF raised proceeds of $27,964,015, net of issuance costs. Upon completing the offering, PVF contributed approximately $20.0 million of the proceeds to the capital of Park View Federal to improve its regulatory capital position. At September 30, 2012, Park View Federal’s Tier 1 (core) capital ratio was 9.16% and its total risk-based capital ratio was 13.34%. The Bank’s primary regulator, the OCC, has implemented a statutory framework for capital requirements which establishes five categories of capital strength ranging from “well capitalized” to “critically undercapitalized.” An institution’s category depends upon its capital level in relation to relevant capital measures, including two risk-based capital measures, a tangible capital measure and a core/leverage capital measure. At September 30, 2012, the Bank was in compliance with all of the current applicable regulatory capital measurements to meet the definition of a well-capitalized institution, as demonstrated in the following table:

	Park View					Requirement for
	Federal		Percent of			Well-Capitalized
(In thousands)	Capital		Assets (1)			Institution
Tangible capital	$	79,587		9.16	%		N/A
Tier-1 core capital		72,017		9.16	%		5.00	%
Tier-1 risk-based capital		72,017		12.06	%		6.00	%
Total risk-based capital		72,017		13.34	%		10.00	%

(1) Tangible and core capital levels are shown as a percentage of total adjusted assets; risk-based capital levels are shown as a percentage of risk-weighted assets.

Park View Federal’s liquidity measures its ability to fund loans and meet withdrawals of deposits and other cash outflows in a cost-effective manner. Park View Federal’s primary sources of funds for operations are deposits from its primary market area, principal and interest payments on loans and mortgage-backed securities, sales of loans, proceeds from maturing securities, and advances from the FHLB of Cincinnati. While loan and mortgage-backed securities payments and maturing securities are relatively stable sources of funds, deposit flows and loan and mortgage-backed securities prepayments are greatly influenced by prevailing interest rates, economic conditions and competition. FHLB advances may be used on a short-term basis to compensate for deposit outflows or on a long-term basis to support expanded lending and investment activities.

Park View Federal uses its capital resources principally to meet its ongoing commitment to fund existing and continuing loan commitments, fund maturing certificates of deposit and deposit withdrawals, repay borrowings, maintain its liquidity and meet operating expenses.

PVF’s ability to pay dividends depends, in part, on its receipt of dividends from Park View Federal because the Company has minimal sources of income other than distributions from the Bank. Federal regulations impose limitations upon all capital distributions, including cash dividends, by a savings

46

PART I — FINANCIAL INFORMATION

institution, such as Park View Federal. Under the regulations, an application to and prior approval of federal regulators is required prior to any capital distribution if the institution does not meet the criteria for “expedited treatment” of applications under applicable regulations (i.e., generally, examination and Community Reinvestment Act ratings in the two top categories), the total capital distributions for the calendar year exceed net income for that year plus the amount of retained net income for the preceding two years, the institution would be undercapitalized following the distribution or the distribution would otherwise be contrary to a statute, regulation or agreement. If an application is not required, the institution must still provide prior notice to federal regulators of the capital distribution if, like Park View Federal, it is a subsidiary of a holding company.

The Company currently does not pay dividends on its common shares. In addition, pursuant to the terms of the Company Order, the Company is not permitted to declare, make or pay any cash dividends or other capital distributions or purchase, repurchase or redeem or commit to purchase, repurchase or redeem any Company equity stock without the prior non-objection of the Federal Reserve Board. The Company’s ability to pay dividends is also dependent, in part; on its receipt of dividends from Park View Federal. This restriction may adversely affect the market price for PVF’s common shares. Besides the limitations imposed by the Company Order, PVF’s ability to pay dividends will depend on a number of factors, including capital requirements, its financial condition and results of operations including its ability to generate sufficient earnings to warrant the payment of dividends, tax considerations, statutory and regulatory limitations and general economic conditions. PVF has cash of approximately $.8 million at the parent company level available to service its operating expenses and for future investment in Park View Federal, if necessary. It has no debt obligations. PVF also derives its liquidity resources for operating obligations from its non subsidiaries which are sufficient to meet current operating obligations. Management believes its current liquidity levels are adequate to meet its operating obligations over the next twelve months.

Park View Federal maintains liquid assets sufficient to meet operational needs. Park View Federal’s most liquid assets are cash and cash equivalents, which are short-term, highly-liquid investments that are readily convertible to known amounts of cash. The levels of such assets are dependent upon Park View Federal’s operating, financing and investment activities at any given time. Management believes that the liquidity levels maintained are more than adequate to meet potential deposit outflows, repay maturing FHLB advances, fund new loan demand and cover normal operations.

47

PART I — FINANCIAL INFORMATION

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market risk is the risk of loss arising from adverse changes in the fair value of financial instruments due to changes in interest rates, exchange rates and equity prices. The Company’s market risk is generally composed of interest rate risk.

Asset/Liability Management: The Company’s asset and liability committee (“ALCO”) monitors and considers methods of managing the rate sensitivity and repricing characteristics of the balance sheet components consistent with maintaining acceptable levels of changes in net portfolio value (“NPV”) and net interest income. The Company’s asset and liability management program is designed to minimize the impact of sudden and sustained changes in interest rates on NPV and net interest income.

The Company’s exposure to interest rate risk is reviewed on a quarterly basis by the ALCO and the Company’s Board of Directors. Exposure to interest rate risk is measured with the use of interest rate sensitivity analysis to determine the Company’s change in NPV in the event of hypothetical changes in interest rates, while interest rate sensitivity gap analysis is used to determine the repricing characteristics of the Company’s assets and liabilities. If estimated changes to NPV and net interest income are not within the limits established by the Board, the Board may direct management to adjust its asset and liability mix to bring interest rate risk within Board-approved limits.

In order to reduce the exposure to interest rate fluctuations, the Company has developed strategies to manage its liquidity, shorten the effective maturity and increase the interest rate sensitivity of its asset base. Management has sought to decrease the average maturity of its assets by emphasizing the origination of adjustable-rate loans and loans with shorter balloon maturities which are retained by the Company for its portfolio. In addition, all long-term, fixed-rate mortgages are underwritten according to guidelines of the Freddie Mac and the Fannie Mae, which are then sold directly for cash in the secondary market. The Company carefully monitors the maturity and repricing of its interest-earning assets and interest-bearing liabilities to minimize the effect of changing interest rates on its NPV. The Company’s interest rate risk position is the result of the repricing characteristics of assets and liabilities. The balance sheet is primarily comprised of interest-earning assets having a maturity and repricing period of one month to five years. These assets were funded primarily utilizing interest-bearing liabilities having a final maturity of two years or less.

48

PART I — FINANCIAL INFORMATION

Item 4. Controls and Procedures.

As of the end of the period covered by this Quarterly Report on Form 10-Q, management of the Company carried out an evaluation, under the supervision and with the participation of the Company’s principal executive officer and principal financial officer, of the effectiveness of the Company’s disclosure controls and procedures. Based on this evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures (as defined in Rule 13a-15e under the Securities Exchange Act of 1934) are effective in ensuring that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act of 1934, as amended: (i) is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms; and (ii) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers or persons performing similar functions, as appropriate to allow timely decisions regarding disclosure. It should be noted that the design of the Company’s disclosure controls and procedures is based in part upon certain reasonable assumptions about the likelihood of future events, and there can be no reasonable assurance that any design of disclosure controls and procedures will succeed in achieving its stated goals under all potential future conditions, regardless of how remote, but the Company’s principal executive and financial officers have concluded that the Company’s disclosure controls and procedures are, in fact, effective at a reasonable assurance level. During the period covered by this Quarterly Report on Form 10-Q, there was no change in internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

  None.

Item 1A. Risk Factors.

There have been no material changes to the Company’s risk factors from those disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012.

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds.

(a) N/A

(b) N/A

(c) The Company did not repurchase its equity securities during the period ended September 30, 2012.

Item 3. Defaults Upon Senior Securities.

  None.

49

PART II — OTHER INFORMATION

Item 4. Mine Safety Disclosures.

  None.

Item 5. Other Information.

  None.

Item 6. Exhibits.

3.1 1	First Amended and Restated Articles of Incorporation, as amended
3.2 2	Code of Regulations, as amended and restated
43	Agreement to furnish instruments and agreements defining rights of holders of long-term debt
31.1 4	Rule 13a-14(a) Certification of Chief Executive Officer
31.2 4	Rule 13a-14(a) Certification of Chief Financial Officer
32 4	Section 1350 Certifications
101.INS5	XBRL Instance Document.
101.DEF5	XBRL Taxonomy Extension Definition Linkbase Document.
101.SCH5	XBRL Taxonomy Extension Schema Document.
101.CAL5	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB5	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE5	XBRL Taxonomy Extension Presentation Linkbase Document.

(1) Incorporated by reference from Exhibit 3.1 to the Company’s Registration Statement on Form S-1/A filed with the Securities and Exchange Commission on February 10, 2010 (Commission File No. 333-163037).

(2) Incorporated by reference from Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 6, 2008 (Commission File No. 0-24948).

(3) Incorporated by reference from the Company’s Current Report on Form 8-K filed with Securities and Exchange Commission on December 6, 2011.

(4) Filed herewith.

(5) In accordance with Rule 406T of Regulation S-T, the XBRL (Extensible Business Reporting Language) information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

50

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PVF Capital Corp.
	(Registrant)
Date: November 14, 2012	/s/ Robert J. King, Jr.
	Robert J. King, Jr.
	President and Chief Executive Officer
	(Duly authorized officer)
	/s/ James H. Nicholson
	James H. Nicholson
	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

EX-31.1

EXHIBIT 31.1

Certification

I, Robert J. King, Jr., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of PVF Capital Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions);

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2012

/s/ Robert J. King, Jr.

Robert J. King, Jr.

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

Certification

I, James H. Nicholson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of PVF Capital Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions);

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2012

/s/ James H. Nicholson

James H. Nicholson

Chief Financial Officer

(Principal Financial Officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

The undersigned executive officers of the Registrant hereby certify that this Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:	/s/ Robert J. King, Jr.
Name:	Robert J. King, Jr.
Title:	Chief Executive Officer
By:	/s/ James H. Nicholson
Name:	James H. Nicholson
Title:	Chief Financial Officer

Date: November 14, 2012

XML

LOANS RECEIVABLE - Loans by Class Modified as Troubled Debt Restructurings Payment Default (Detail) (USD $)	3 Months Ended		12 Months Ended		3 Months Ended	12 Months Ended
	Sep. 30, 2012 SecurityLoan	Sep. 30, 2011 SecurityLoan	Sep. 30, 2011 Troubled Debt Restructuring Subsequently Defaulted In Past Twelve Months [Member] SecurityLoan	Sep. 30, 2011 Troubled Debt Restructuring Subsequently Defaulted In Past Twelve Months [Member] Home Equity Lines of Credit [Member] SecurityLoan	Sep. 30, 2012 1-4 Family [Member] Non-Owner Occupied [Member] SecurityLoan	Sep. 30, 2011 1-4 Family [Member] Troubled Debt Restructuring Subsequently Defaulted In Past Twelve Months [Member] Non-Owner Occupied [Member] SecurityLoan
Financing Receivable, Modifications [Line Items]
Number of Loans	2	2	14	1	0	13
Pre-Modification Outstanding Recorded Investment	$ 2,100,541	$ 339,511	$ 1,113,988	$ 63,782	$ 0	$ 1,050,206
Post-Modification Outstanding Recorded Investment	$ 2,100,541	$ 339,511	$ 1,113,988	$ 63,782	$ 0	$ 1,050,206

XML

FAIR VALUE - Assets Measured at Fair Value on NonRecurring Basis (Detail) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Real estate owned	$ 7,232,119
Impaired mortgage servicing rights	6,121,857	6,499,157
1-4 Family [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	3,784,204	4,033,385
Real estate owned	2,256,177	2,042,573
1-4 Family Construction [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	614,903	660,862
Multi-Family [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	5,720	324,974
Commercial Real Estate [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	5,201,249	5,688,747
Real estate owned	2,136,191	923,262
Commercial Non-Real Estate [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	238,229	238,229
Land Loans [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	3,938,058	4,223,074
Real estate owned	2,839,751	2,914,174
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired mortgage servicing rights	6,121,857	6,499,157
Significant Unobservable Inputs (Level 3) [Member] | 1-4 Family [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	3,784,204	4,033,385
Real estate owned	2,256,177	2,042,573
Significant Unobservable Inputs (Level 3) [Member] | 1-4 Family Construction [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	614,903	660,862
Significant Unobservable Inputs (Level 3) [Member] | Multi-Family [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	5,720	324,974
Significant Unobservable Inputs (Level 3) [Member] | Commercial Real Estate [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	5,201,249	5,688,747
Real estate owned	2,136,191	923,262
Significant Unobservable Inputs (Level 3) [Member] | Commercial Non-Real Estate [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	238,229	238,229
Significant Unobservable Inputs (Level 3) [Member] | Land Loans [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	3,938,058	4,223,074
Real estate owned	$ 2,839,751	$ 2,914,174

XML

STOCK BASED COMPENSATION - Weighted Average Assumptions Used in Determining Fair Value for Options Granted (Detail)	3 Months Ended
	Sep. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted average risk-free interest rate	0.81%
Expected weighted average life (in years)	6 years
Expected volatility	60.00%
Expected dividend yield	0.00%

XML

FAIR VALUE - Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non-Recurring Basis (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans	$ 13,782,363
Real estate owned	$ 7,232,119
Impaired Loans [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Valuation Techniques	Appraisal value - sales comparison approach
Unobservable Inputs	Adjustment by management to reflect current conditions and selling costs
Impaired loans fair value disclosure range minimum	9.00%
Impaired loans fair value disclosure range maximum	19.00%
Real Estate Owned [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Valuation Techniques	Appraisal value - sales comparison approach
Unobservable Inputs	Adjustment by management to reflect current conditions and selling costs
Impaired loans fair value disclosure range minimum	9.00%
Impaired loans fair value disclosure range maximum	19.00%

XML

STOCK BASED COMPENSATION - Options Outstanding (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012	Jun. 30, 2012
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding - Number of Shares	738,556	740,256
Options Outstanding - Weighted Average Remaining Life	6 years 8 months 12 days
Options Exercisable - Number of Shares	443,834
Options Exercisable - Weighted Average Exercise Price	$ 6.15
$1.79 to $4.42 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding - Number of Shares	561,100
Options Outstanding - Weighted Average Remaining Life	8 years 18 days
Options Exercisable - Number of Shares	248,340
Options Exercisable - Weighted Average Exercise Price	$ 2.29
Options Outstanding - Range of Exercise Prices, Lower Limit	$ 1.79
Options Outstanding - Range of Exercise Prices, Upper Limit	$ 4.42
$8.32 to $13.64 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding - Number of Shares	177,456
Options Outstanding - Weighted Average Remaining Life	2 years 3 months 18 days
Options Exercisable - Number of Shares	195,494
Options Exercisable - Weighted Average Exercise Price	$ 11.05
Options Outstanding - Range of Exercise Prices, Lower Limit	$ 8.32
Options Outstanding - Range of Exercise Prices, Upper Limit	$ 13.64

XML

LOANS RECEIVABLE - Recorded Investment in Non-Accrual Loans and Loans Past Due (Detail) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	$ 17,864,348	$ 20,075,595
Loans past due over 90 days still on accrual by class of loans
Commercial and Industrial [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	238,229	437,729
Loans past due over 90 days still on accrual by class of loans	0	0
Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans		0
Loans past due over 90 days still on accrual by class of loans	0	0
Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	2,293,702	2,871,746
Non-Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	2,084,520	2,461,281
Loans past due over 90 days still on accrual by class of loans	0	0
Second Mortgage [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	481,843	566,444
Loans past due over 90 days still on accrual by class of loans	0	0
Second Mortgage [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans		0
Loans past due over 90 days still on accrual by class of loans	0	0
Second Mortgage [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans		0
Loans past due over 90 days still on accrual by class of loans	0	0
Home Equity Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	2,715,044	2,727,447
Loans past due over 90 days still on accrual by class of loans	0	0
Home Equity Investment Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	555,545	564,235
Loans past due over 90 days still on accrual by class of loans	0	0
Construction Loans [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans		0
Loans past due over 90 days still on accrual by class of loans	0	0
Construction Loans [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans		0
Loans past due over 90 days still on accrual by class of loans	0	0
Construction Loans [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	644,808	644,072
Loans past due over 90 days still on accrual by class of loans	0	0
Construction Models/Speculative [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	308,927	355,355
Loans past due over 90 days still on accrual by class of loans	0	0
Multi-Family [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	5,720	324,602
Loans past due over 90 days still on accrual by class of loans	0	0
Commercial [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	3,146,513	3,310,170
Loans past due over 90 days still on accrual by class of loans	0	0
Lines of Credit [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	613,910	616,537
Loans past due over 90 days still on accrual by class of loans	0	0
Lot Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	3,578,542	3,815,778
Loans past due over 90 days still on accrual by class of loans	0	0
Acquisition and Development Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded investment in nonaccrual loans	1,197,045	1,380,199
Loans past due over 90 days still on accrual by class of loans	$ 0	$ 0

XML

FAIR VALUE - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Fair Value Measurement [Line Items]
Cash and amounts due from financial institutions	$ 16,903,187	$ 5,840,608
Interest-bearing deposits	97,672,255	114,269,532
Loans receivable, net	543,186,276	541,627,515
Loans receivable held for sale, net	19,765,946	25,062,786
Federal Home Loan Bank stock	12,811,100	12,811,100
Notes payable	(1,019,445)	(1,046,111)
Carrying Amount [Member]
Fair Value Measurement [Line Items]
Cash and amounts due from financial institutions	16,903,000	5,841,000
Interest-bearing deposits	97,672,000	114,270,000
Securities available for sale	38,281,000	38,658,000
Loans receivable, net	543,186,000	541,628,000
Loans receivable held for sale, net	19,766,000	25,063,000
Federal Home Loan Bank stock	12,811,000	12,811,000
Accrued interest receivable	2,142,000	2,047,000
Commitments to make loans intended to be sold	3,067,000	1,773,000
Demand deposits and savings	(284,340,000)	(271,412,000)
Time deposits	(361,810,000)	(384,567,000)
Notes payable	(1,019,000)	(1,046,000)
Advances from the Federal Home Loan Bank	(35,000,000)	(35,000,000)
Mandatory forward sale contract	(844,000)	(118,000)
Accrued interest payable	(127,000)	(120,000)
Estimated Fair Value [Member]
Fair Value Measurement [Line Items]
Cash and amounts due from financial institutions	16,903,000	5,841,000
Interest-bearing deposits	97,672,000	114,270,000
Securities available for sale	38,281,000	38,658,000
Loans receivable, net	565,090,000	569,603,000
Loans receivable held for sale, net	19,766,000	25,063,000
Accrued interest receivable	2,142,000	2,047,000
Commitments to make loans intended to be sold	3,067,000	1,773,000
Demand deposits and savings	(284,340,000)	(271,412,000)
Time deposits	(343,358,000)	(385,872,000)
Notes payable	(1,019,000)	(1,046,000)
Advances from the Federal Home Loan Bank	(37,173,000)	(37,222,000)
Mandatory forward sale contract	(844,000)	(118,000)
Accrued interest payable	(127,000)	(120,000)
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Measurement [Line Items]
Cash and amounts due from financial institutions	16,903,000	5,841,000
Interest-bearing deposits	97,672,000	114,270,000
Demand deposits and savings	(284,340,000)	(271,412,000)
Accrued interest payable	(28,000)	(112,000)
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurement [Line Items]
Securities available for sale	38,281,000	38,658,000
Loans receivable held for sale, net	19,766,000	25,063,000
Accrued interest receivable	126,000	174,000
Commitments to make loans intended to be sold	3,067,000	1,773,000
Time deposits	(343,358,000)	(385,872,000)
Notes payable	(1,019,000)	(1,046,000)
Advances from the Federal Home Loan Bank	(37,173,000)	(37,222,000)
Mandatory forward sale contract	(844,000)	(118,000)
Accrued interest payable	(99,000)	(8,000)
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurement [Line Items]
Loans receivable, net	565,090,000	569,603,000
Accrued interest receivable	$ 2,016,000	$ 1,873,000

XML

SECURITIES - Amortized Cost and Fair Value of Securities Available for Sale and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 37,457,369	$ 38,058,061
Gross Unrealized Gains	851,452	646,648
Gross Unrealized Losses	(28,270)	(46,665)
Fair Value	38,280,551	38,658,044
FNMA mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,000,000	2,000,000
Gross Unrealized Gains	3,600	9,320
Gross Unrealized Losses	0	0
Fair Value	2,003,600	2,009,320
Trust preferred securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	18,210,212	20,964,197
Gross Unrealized Gains	460,346	344,230
Gross Unrealized Losses	(13,562)	(46,665)
Fair Value	18,656,997	21,261,762
Mortgage-backed GSE securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	17,247,156	15,093,864
Gross Unrealized Gains	387,506	293,098
Gross Unrealized Losses	(14,708)
Fair Value	$ 17,619,954	$ 15,386,962

XML

EARNING PER SHARE - Schedule of Income (Loss) Per Share (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Net Income(Loss)
Basic EPS Net income (loss)	$ 1,551,087	$ (820,597)
Effect of dilutive securities-stock options and warrants
Net income (loss)	$ 1,551,087	$ (820,597)
Shares
Income (loss) available to common shareholders, Basic	25,832,271	25,669,718
Effect of dilutive securities-stock options and warrants	216,777
Income (loss) available to common shareholders, Diluted	26,049,048	25,669,718
Per Share Amount
Income (loss) available to common shareholders, Basic	$ 0.06	$ (0.03)
Effect of dilutive securities-stock options and warrants	$ 0.00	$ 0.00
Diluted earnings (loss) per share	$ 0.06	$ (0.03)

XML

MORTGAGE BANKING ACTIVITIES - Originated Mortgage Servicing Rights Capitalized and Amortized (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Beginning of period	$ 6,867,334	$ 7,519,287
Additions	1,548,248	520,263
Amortized to expense	(972,306)	(773,379)
Change in valuation allowance	(604,179)	(698,468)
End of period	$ 6,839,097	$ 6,567,703

XML

LOANS RECEIVABLE - Summary of Activity for Troubled Debt Restructured Loans (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012
Loans And Leases Modified As Troubled Debt Restructuring [Line Items]
Beginning Balance	$ 15,590,705
Additions
Charge-offs	(3,688)
Payoffs or pay downs	(241,363)
Ending Balance	$ 15,345,654

XML

FAIR VALUE - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Jun. 30, 2012
Fair Value Measurement [Line Items]
Discount for selling cost	9.00%
Additional discount is applied to properties	10.00%
Principal balance on collateral loans	$ 23,300,000		$ 26,300,000
Valuation allowance on impaired loans	1,400,000		1,400,000
Provision for impaired loan losses	100,000	2,500,000
Principal balance impaired charge-offs	8,000,000		9,700,000
Mortgage servicing rights fair value	6,100,000		6,500,000
Impairment charges on mortgage	604,179	698,468
Other real estate carrying amount	7,232,119		7,733,578
Net loss recognized on other real estate	(17,881)	140,112
Provision on other real estate owned loss	233,719	69,400
Changes in fair value	(87,634)	231,052
Outstanding [Member]
Fair Value Measurement [Line Items]
Mortgage servicing rights fair value, outstanding	6,500,000		7,300,000
Mortgage Servicing Rights [Member]
Fair Value Measurement [Line Items]
Valuation allowance on mortgages	1,400,000		800,000
Tranche [Member]
Fair Value Measurement [Line Items]
Impairment charges on mortgage	$ 600,000	$ 700,000

XML

FEDERAL INCOME TAXES - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Sep. 30, 2012	Jun. 30, 2012
Income Taxes [Line Items]
Deferred tax asset before valuation allowance	$ 4.2	$ 4.8
Deferred tax valuation allowance	4.2	4.8
Carrying amount of deferred tax asset	$ 0	$ 0

XML

STOCK BASED COMPENSATION - Summary of Stock-Based Compensation Activity (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, beginning of year, Shares	740,256
Forfeited	(7,200)
Expired	(4,500)
Exercised
Granted	10,000
Options outstanding, end of year, Shares	738,556
Options exercisable, end of year, Shares	443,834
Options outstanding, beginning of year, Weighted-Average Exercise Price	$ 4.15
Forfeited, Weighted-Average Exercise Price	$ 3.06
Expired, Weighted-Average Exercise Price	$ 10.64
Exercised, Weighted-Average Exercise Price
Granted, Weighted-Average Exercise Price	$ 1.96
Options outstanding, end of year, Weighted-Average Exercise Price	$ 4.28
Options exercisable, end of year, Weighted-Average Exercise Price	$ 6.15

XML

LOANS RECEIVABLE

3 Months Ended

Sep. 30, 2012

LOANS RECEIVABLE

NOTE 3 — LOANS RECEIVABLE

Loans receivable at September 30, 2012, and June 30, 2012 consisted of the following:

	September 30,			June 30,
	2012			2012
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	59,297,788		$	58,743,933
1-4 Family Non-Owner Occupied		34,303,456			34,368,320
1-4 Family Second Mortgage		28,729,779			29,202,145
Home Equity Lines of Credit		64,933,215			65,908,899
Home Equity Investment Lines of Credit		5,267,763			5,645,851
One-to-Four Family Construction Loans:
1-4 Family Construction		1,341,302			514,052
1-4 Family Construction Models/Speculative		621,042			1,608,137
Multi-Family Loans:
Multi-Family		62,638,057			53,959,459
Multi-Family Second Mortgage		144,754			145,642
Multi-Family Construction		108,428			5,375,000
Commercial Real Estate Loans:
Commercial		198,023,597			198,287,457
Commercial Second Mortgage		4,799,704			5,750,283
Commercial Lines of Credit		22,656,803			22,335,619
Commercial Construction		9,126,892			7,732,736
Commercial and Industrial Loans		37,556,592			35,443,184
Land Loans:
Lot Loans		9,346,567			12,091,093
Acquisition and Development Loans		18,968,781			19,093,006
Consumer Loans		2,101,434			2,112,708
Total loans receivable		559,965,954			558,317,524
Net deferred loan origination fees		(644,038	)		(637,144	)
Allowance for loan losses		(16,135,640	)		(16,052,865	)
Total loans receivable, net	$	543,186,276		$	541,627,515

The following table presents activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2012:

				One-to-Four						Commercial			Commercial
	One-to-Four			Family			Multi-			Real			and
	Family			Construction			Family			Estate			Industrial			Land			Consumer			Total
Beginning balance at June 30, 2012	$	5,765,276		$	305,312		$	1,903,138		$	5,084,179		$	928,043		$	2,057,301		$	9,616		$	16,052,865
Provision for loan losses		623,779			43,601			(766,960	)		943,294			312,966			(120,627	)		13,947			1,050,000
Charge-offs		(741,685	)		(45,959	)		—			(248,493	)		(12,500	)		(20,078	)		(13,000	)		(1,081,715	)
Recoveries		42,569			10,000			—			17,614			1,585			42,480			242			114,490
Ending balance at September 30, 2012	$	5,689,939		$	312,954		$	1,136,178		$	5,796,594		$	1,230,094		$	1,959,076		$	10,805		$	16,135,640

The following table presents activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2011:

				One-to-Four						Commercial			Commercial
	One-to-Four			Family			Multi-			Real			and
	Family			Construction			Family			Estate			Industrial			Land			Consumer		Total
Beginning balance at June 30, 2011	$	8,841,454		$	1,266,740		$	1,767,335		$	8,458,943		$	1,663,894		$	7,891,305		$	107,222	$	29,996,893
Provision for loan losses		(511,394	)		39,566			(360,444	)		949,896			493,657			728,029			160,690		1,500,000
Charge-offs		(476,158	)		(109,322	)		(236,663	)		(1,089,347	)		(29,609	)		(28,421	)		—		(1,969,520	)
Recoveries		4,765			—			—			19,271			1,755			—			—		25,791
Ending balance at September 30, 2011	$	7,858,667		$	1,196,984		$	1,170,228		$	8,338,763		$	2,129,697		$	8,590,913		$	267,912	$	29,553,164

The following table presents the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of September 30, 2012. The recorded investment in loans includes the unpaid principal balance and unamortized loan origination fees, but excludes accrued interest receivable which is not considered to be material.

			One-to-Four				Commercial		Commercial
	One-to-Four		Family		Multi-		Real		and
	Family		Construction		Family		Estate		Industrial		Land		Consumer		Total
Allowance for loan losses
Ending allowance balance attributable to loans
Individually evaluated for impairment	$	699,204	$	101,716	$	—	$	98,725	$	300,860	$	252,000	$	—	$	1,452,505
Collectively evaluated for impairment		4,990,735		211,238		1,136,178		5,697,869		929,234		1,707,076		10,805		14,683,135
Total ending allowance balance	$	5,689,939	$	312,954	$	1,136,178	$	5,796,594	$	1,230,094	$	1,959,076	$	10,805	$	16,135,640
Loans
Loans individually evaluated for impairment	$	12,208,532	$	833,904	$	300,254	$	11,851,912	$	540,441	$	6,763,662	$	—	$	32,498,705
Loans collectively evaluated for impairment		180,102,030		1,126,183		62,518,652		222,485,254		36,972,956		21,519,119		2,099,017		526,823,211
Total ending loans balance	$	192,310,562	$	1,960,087	$	62,818,906	$	234,337,166	$	37,513,397	$	28,282,781	$	2,099,017	$	559,321,916

The following table presents the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of June 30, 2012. The recorded investment in loans includes the unpaid principal balance and unamortized loan origination fees, but excludes accrued interest receivable which is not considered to be material.

			One-to-Four				Commercial		Commercial
	One-to-Four		Family		Multi-		Real		and
	Family		Construction		Family		Estate		Industrial		Land		Consumer		Total
Allowance for loan losses
Ending allowance balance attributable to loans
Individually evaluated for impairment	$	665,033	$	101,716	$	—	$	98,725	$	300,860	$	252,000	$	—	$	1,418,334
Collectively evaluated for impairment		5,100,243		203,596		1,903,138		4,985,454		627,183		1,805,301		9,616		14,634,531
Total ending allowance balance	$	5,765,276	$	305,312	$	1,903,138	$	5,084,179	$	928,043	$	2,057,301	$	9,616	$	16,052,865
Loans
Loans individually evaluated for impairment	$	13,243,350	$	880,749	$	622,228	$	11,902,730	$	740,297	$	7,189,109	$	—	$	34,578,463
Loans collectively evaluated for impairment		180,404,558		1,239,018		58,789,996		221,936,205		34,662,439		23,959,404		2,110,297		523,101,917
Total ending loans balance	$	193,647,908	$	2,119,767	$	59,412,224	$	233,838,935	$	35,402,736	$	31,148,513	$	2,110,297	$	557,680,380

The following table presents loans individually evaluated for impairment by class of loan as of September 30, 2012 and the average recorded investment and interest income recognized by class for the three months ended September 30, 2012:

	September 30, 2012
	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance (1)		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	5,878,741	$	5,075,565	$	0	$	5,373,322	$	0	$	0
1-4 Family Non-Owner Occupied		3,487,465		2,130,102		0		2,291,842		164		164
1-4 Family Second Mortgage		1,405,390		1,142,585		0		1,186,435		0		0
Home Equity Lines of Credit		1,751,282		1,749,268		0		1,790,931		0		0
Home Equity Investment Lines of Credit		157,122		156,941		0		156,942		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0				0		0
1-4 Family Construction Models/Speculative		678,779		308,146		0		331,566		0		0
Multi-Family Loans:
Multi-Family		312,714		300,254		0		461,241		0		0
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		10,366,525		9,239,212		0		9,262,945		43,972		43,972
Commercial Second Mortgage		0		0		0				0		0
Commercial Lines of Credit		613,910		613,204		0		614,870		0		0
Commercial Construction		828,491		643,855		0		643,859		0		0
Commercial and Industrial Loans		484,799		239,927		0		339,854		0		0
Land Loans:
Lot Loans		5,379,609		4,254,141		0		3,966,345		11,569		11,569
Acquisition and Development Loans		4,990,178		2,374,790		0		2,874,945		0		0
Consumer Loans		0		0		0		0		0		0
Total with no related allowance recorded	$	36,335,005	$	28,227,990	$	0	$	29,295,097	$	55,705	$	55,705
With an allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	231,051	$	230,786	$	39,982	$	231,635	$	0	$	0
1-4 Family Non-Owner Occupied		116,463		116,329		8,286		116,778		0		0
1-4 Family Second Mortgage		246,621		246,337		14,685		246,674		592		592
Home Equity Lines of Credit		963,762		962,653		338,080		928,753		0		0
Home Equity Investment Lines of Credit		398,424		397,966		298,171		402,629		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0		0		0		0
1-4 Family Construction Models/Speculative		526,363		525,758		101,716		525,760		7,062		7,062
Multi-Family Loans:
Multi-Family		0		0		0		0		0		0
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		1,357,202		1,355,641		98,725		1,355,647		0		0
Commercial Second Mortgage		0		0		0		0		0		0
Commercial Lines of Credit		0		0		0				0		0
Commercial Construction		0		0		0		0		0		0
Commercial and Industrial Loans		300,860		300,514		300,860		300,515		0		0
Land Loans:
Lot Loans		134,886		134,731		252,000		135,095		2,031		2,031
Acquisition and Development Loans		0		0		0		0		0		0
Consumer Loans		0		0		0		0		0		0
Total with an allowance recorded	$	4,275,632	$	4,270,715	$	1,452,505	$	4,243,486	$	9,685	$	9,685
Total loans evaluated for impairment	$	40,610,637	$	32,498,705	$	1,452,505	$	33,538,583	$	65,390	$	65,390

(1) There are $14.5 million of loans individually identified for impairment accruing interest.

The following table presents loans individually evaluated for impairment by class of loans as of June 30, 2012:

	June 30, 2012
	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance (1)		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	6,380,803	$	5,671,079	$	0	$	5,437,834	$	30,882	$	30,882
1-4 Family Non-Owner Occupied		4,597,708		2,453,581		0		3,503,049		48,828		48,828
1-4 Family Second Mortgage		1,455,914		1,230,284		0		1,374,161		3,958		3,958
Home Equity Lines of Credit		1,834,685		1,832,595		0		1,344,562		0		0
Home Equity Investment Lines of Credit		157,120		156,943		0		204,703		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0		52,573		4,821		4,821
1-4 Family Construction Models/Speculative		678,779		354,986		0		475,027		0		0
Multi-Family Loans:
Multi-Family		635,053		622,228		0		550,760		4,081		4,081
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		10,902,253		9,286,679		0		8,005,131		147,148		147,148
Commercial Second Mortgage		0		0		0		192,399		1,660		1,660
Commercial Lines of Credit		617,240		616,536		0		2,413,942		0		0
Commercial Construction		828,490		643,863		0		575,159		0		0
Commercial and Industrial Loans		801,075		439,781		0		2,335,961		662		662
Land Loans:
Lot Loans		5,235,050		3,678,550		0		2,955,360		5,519		5,519
Acquisition and Development Loans		5,986,575		3,375,100		0		2,258,295		19,132		19,132
Consumer Loans		0		0		0		0		0		0
Total with no related allowance recorded	$	40,110,745	$	30,362,205	$	0	$	31,678,916	$	266,691	$	266,691
With an allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	232,751	$	232,485	$	39,981	$	526,956	$	0	$	0
1-4 Family Non-Owner Occupied		117,360		117,226		8,286		1,243,154		10,112		10,112
1-4 Family Second Mortgage		247,293		247,011		14,685		175,881		0		0
Home Equity Lines of Credit		895,875		894,852		299,759		1,629,256		0		0
Home Equity Investment Lines of Credit		407,757		407,293		302,322		470,382		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0		0
1-4 Family Construction Models/Speculative		526,363		525,762		101,716		1,064,520		14,047		14,047
Multi-Family Loans:
Multi-Family		0		0		0		92,056		0		0
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		1,357,202		1,355,653		98,725		3,796,149		37,340		37,340
Commercial Second Mortgage		0		0		0		34,220		0		0
Commercial Lines of Credit		0		0		0		48,854		0		0
Commercial Construction		0		0		0		711,804		0		0
Commercial and Industrial Loans		300,860		300,517		300,860		1,404,807		0		0
Land Loans:
Lot Loans		135,614		135,459		252,000		962,537		0		0
Acquisition and Development Loans		0		0		0		2,397,176		0		0
Consumer Loans		0		0		0		0		0		0
Total with an allowance recorded	$	4,221,075	$	4,216,258	$	1,418,334	$	14,557,752	$	61,499	$	61,499
Total loans evaluated for impairment	$	44,331,820	$	34,578,463	$	1,418,334	$	46,236,668	$	328,190	$	328,190

(1) There are $13.9 million of loans individually identified for impairment accruing interest.

The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2011:

	September 30, 2011
	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance (1)		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	6,101,095	$	6,091,111	$	—	$	6,605,736	$	47,473	$	47,473
1-4 Family Non-Owner Occupied		2,845,537		2,840,881		—		1,998,029		7,295		7,295
1-4 Family Second Mortgage		1,517,563		1,515,080		—		1,279,294		107		107
Home Equity Lines of Credit		796,506		795,203		—		867,519		582		582
Home Equity Investment Lines of Credit		310,121		309,614		—		221,646		317		317
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		176,887		176,598		—		176,753		1,322		1,322
Multi-Family Loans:
Multi-Family		305,904		305,404		—		1,224,791		—		—
Multi-Family Second Mortgage		—		—		—		—		—		—
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		7,266,866		7,254,974		—		6,842,586		25,577		25,577
Commercial Second Mortgage		571,473		570,538		—		570,519		—		—
Commercial Lines of Credit		2,623,140		2,618,848		—		2,758,567		2,186		2,186
Commercial Construction		370,000		369,395		—		369,382		—		—
Commercial and Industrial Loans		2,559,945		2,555,755		—		2,057,142		—		—
Land Loans:
Lot Loans		1,344,192		1,341,993		—		1,153,055		807		807
Acquisition and Development Loans		109,818		109,638		—		274,431		—		—
Consumer Loans		—		—		—				—		—
Total with no related allowance recorded	$	26,899,047	$	26,855,032	$	—	$	26,399,450	$	85,666	$	85,666
With an allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	1,631,018	$	1,628,349	$	405,552	$	1,158,082	$	719	$	719
1-4 Family Non-Owner Occupied		4,625,921		4,618,352		1,924,308		4,747,990		3,565		3,565
1-4 Family Second Mortgage		457,261		456,513		224,653		361,465		—		—
Home Equity Lines of Credit		2,329,197		2,325,385		987,669		2,298,073		—		—
Home Equity Investment Lines of Credit		345,735		345,170		102,008		345,158		1,286		1,286
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		2,685,405		2,681,011		862,554		2,838,155		—		—
Multi-Family Loans:
Multi-Family		368,828		368,224		226,067		368,212		—		—
Multi-Family Second Mortgage		—		—		—		—		1,660		1,660
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		6,378,282		6,367,846		929,808		7,485,402		6,936		6,936
Commercial Second Mortgage		137,105		136,881		3,553		68,440		—		—
Commercial Lines of Credit		—		—		—		—		—		—
Commercial Construction		2,851,883		2,847,217		751,178		3,146,613		—		—
Commercial and Industrial Loans		3,279,788		3,274,422		1,041,066		2,456,243		2,920		2,920
Land Loans:
Lot Loans		3,202,019		3,196,779		1,291,302		3,084,307		6,742		6,742
Acquisition and Development Loans		9,604,420		9,588,705		4,810,417		9,826,391		24,176		24,176
Consumer Loans		—		—		—		—		—		—
Total with an allowance recorded	$	37,896,862	$	37,834,854	$	13,560,135	$	38,184,531	$	48,004	$	48,004
Total loans evaluated for impairment	$	64,795,909	$	64,689,886	$	13,560,135	$	64,583,981	$	133,670	$	133,670

(1) There are $17.0 million of loans individually identified for impairment accruing interest.

Past Due and Non-Accrual Loans

The following table presents the recorded investment in non-accrual loans and loans past due over 90 days still on accrual by class of loan as of September 30, 2012 and June 30, 2012. Non-accrual loans and loans past due over 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.

	September 30, 2012				June 30, 2012
			Loans Past Due				Loans Past Due
			Over 90 Days				Over 90 Days
	Nonaccrual(1)		Still Accruing(2)		Nonaccrual(1)		Still Accruing(2)
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	2,293,702	$	—	$	2,871,746	$	—
1-4 Family Non-Owner Occupied		2,084,520		0		2,461,281		0
1-4 Family Second Mortgage		481,843		0		566,444		0
Home Equity Lines of Credit		2,715,044		0		2,727,447		0
Home Equity Investment Lines of Credit		555,545		0		564,235		0
One-to-Four Family Construction Loans:
1-4 Family Construction		—		0		0		0
1-4 Family Construction Models/Speculative		308,927		0		355,355		0
Multi-Family Loans:
Multi-Family		5,720		0		324,602		0
Multi-Family Second Mortgage		—		0		0		0
Multi-Family Construction		—		0		0		0
Commercial Real Estate Loans:
Commercial		3,146,513		0		3,310,170		0
Commercial Second Mortgage		—		0		0		0
Commercial Lines of Credit		613,910		0		616,537		0
Commercial Construction		644,808		0		644,072		0
Commercial and Industrial Loans		238,229		0		437,729		0
Land Loans:
Lot Loans		3,578,542		0		3,815,778		0
Acquisition and Development Loans		1,197,045		0		1,380,199		0
Consumer Loans		—		0		0		0
Total	$	17,864,348	$	—	$	20,075,595	$	—

(1) Non-accrual status denotes loans on which, in the opinion of management, the collection of additional interest is unlikely, or loans that meet the non-accrual criteria established by regulatory authorities. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the collectibility of the principal balance of the loan.

(2) At September 30, 2012 and June 30, 2012, the Company had balances of approximately $6.1 million and $6.3 million, respectively, in loans that have matured and continue to make current payments. These loans are not considered past due as a result of their payment status being current.

The following table presents the aging of the recorded investment in past due loans as of September 30, 2012 by class of loan. Performing loans are accruing loans less than 90 days past due. Nonperforming loans are all loans not accruing or greater than 90 days past due and accruing. At September 30, 2012, the Company had a balance of approximately $6.1 million in loans that were contractually past maturity but were not considered past due as a result of the payment status being current.

					Greater Than
	30-59 Days		60-89 Days		90 Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Performing Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	2,050,531	$	247,273	$	—	$	2,297,804	$	54,638,081	$	56,935,885
1-4 Family Non-Owner Occupied		16,284		—		—		16,284		32,163,198		32,179,482
1-4 Family Second Mortgage		273,583		—		—		273,583		27,941,310		28,214,893
Home Equity Lines of Credit		777,134		19,991		—		797,125		61,346,364		62,143,489
Home Equity Investment Lines of Credit		235,512		—		—		235,512		4,470,647		4,706,159
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		1,339,759		1,339,759
1-4 Family Construction Models/Speculative		—		—		—		—		311,401		311,401
Multi-Family Loans:
Multi-Family		235,540		—		—		235,540		62,324,755		62,560,295
Multi-Family Second Mortgage		—		—		—		—		144,588		144,588
Multi-Family Construction		—		—		—		—		108,303		108,303
Commercial Real Estate Loans:
Commercial		405,037		616,238		—		1,021,275		193,628,054		194,649,329
Commercial Second Mortgage		—		—		—		—		4,794,184		4,794,184
Commercial Lines of Credit		587,524		1,183,484		—		1,771,008		20,245,827		22,016,835
Commercial Construction		—		—		—		—		8,471,587		8,471,587
Commercial and Industrial Loans										37,275,168		37,275,168
Land Loans:
Lot Loans		14,622		95,903		—		110,525		5,646,750		5,757,275
Acquisition and Development Loans		—		—		—		—		17,749,919		17,749,919
Consumer Loans		—		—		—		—		2,099,017		2,099,017
Total Performing Loans	$	4,595,767	$	2,162,889	$	—	$	6,758,656	$	534,698,912	$	541,457,568
Nonperforming Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	—	$	—	$	2,036,669	$	2,036,669	$	257,033	$	2,293,702
1-4 Family Non-Owner Occupied		57,235		58,470		1,870,021		1,985,726		98,794		2,084,520
1-4 Family Second Mortgage		—		41,014		393,349		434,363		47,480		481,843
Home Equity Lines of Credit		119,966		—		2,249,808		2,369,774		345,270		2,715,044
Home Equity Investment Lines of Credit		84,536		—		471,009		555,545		—		555,545
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		—		—		190,256		190,256		118,671		308,927
Multi-Family Loans:
Multi-Family		—		—		5,720		5,720		—		5,720
Multi-Family Second Mortgage		—		—		—		—		—		—
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		—		—		3,013,679		3,013,679		132,834		3,146,513
Commercial Second Mortgage		—		—		—		—		—		—
Commercial Lines of Credit		—		—		494,972		494,972		118,938		613,910
Commercial Construction		—		—		644,808		644,808		—		644,808
Commercial and Industrial Loans		—		—		38,229		38,229		200,000		238,229
Land Loans:
Lot Loans		—		—		3,096,352		3,096,352		482,190		3,578,542
Acquisition and Development Loans		—		—		1,197,045		1,197,045		—		1,197,045
Consumer Loans		—		—		—		—		—		—
Total Nonperforming Loans	$	261,737	$	99,484	$	15,701,917	$	16,063,138	$	1,801,210	$	17,864,348
Total Loans	$	4,857,504	$	2,262,373	$	15,701,917	$	22,821,794	$	536,500,122	$	559,321,916

The following table presents the aging of the recorded investment in past due loans as of June 30, 2012 by class of loan. Performing loans are accruing loans less than 90 days past due. Nonperforming loans are all loans not accruing. At June 30, 2012, the Company had a balance of approximately $6.3 million in loans that were contractually past maturity but were not considered past due as a result of the payment status being current.

					Greater Than
	30-59 Days		60-89 Days		90 Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Performing Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	584,430	$	—	$	—	$	584,430	$	55,220,719	$	55,805,149
1-4 Family Non-Owner Occupied		375,660		303,667		—		679,327		31,188,492		31,867,819
1-4 Family Second Mortgage		14,221		—		—		14,221		28,588,155		28,602,376
Home Equity Lines of Credit		114,558		23,230		—		137,788		62,968,449		63,106,237
Home Equity Investment Lines of Credit		200,657		—		—		200,657		4,874,516		5,075,173
One-to-Four Family Construction Loans:
1-4 Family Construction		—		145,771		—		145,771		367,695		513,466
1-4 Family Construction Models/Speculative		—		—		—		—		1,250,946		1,250,946
Multi-Family Loans:
Multi-Family		—		—		—		—		53,573,280		53,573,280
Multi-Family Second Mortgage		—		—		—		—		145,476		145,476
Multi-Family Construction		—		—		—		—		5,368,866		5,368,866
Commercial Real Estate Loans:
Commercial		744,536		—		—		744,536		194,006,468		194,751,004
Commercial Second Mortgage		—		—		—		—		5,743,721		5,743,721
Commercial Lines of Credit		—		—		—		—		21,693,593		21,693,593
Commercial Construction		—		—		—		—		7,079,839		7,079,839
Commercial and Industrial Loans		—		—		—		—		34,965,008		34,965,007
Land Loans:
Lot Loans		—		—		—		—		8,261,518		8,261,518
Acquisition and Development Loans		—		—		—		—		17,691,018		17,691,018
Consumer Loans		—		58,394		—		58,394		2,051,903		2,110,297
Total Performing Loans	$	2,034,062	$	531,062	$	—	$	2,565,124	$	535,039,662	$	537,604,785
Nonperforming Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	105,333	$	—	$	2,124,062	$	2,229,395	$	642,351	$	2,871,746
1-4 Family Non-Owner Occupied		—		—		2,405,774		2,405,774		55,507		2,461,281
1-4 Family Second Mortgage		—		—		499,154		499,154		67,290		566,444
Home Equity Lines of Credit		14,607		—		2,371,962		2,386,569		340,878		2,727,447
Home Equity Investment Lines of Credit		—		134,195		430,041		564,236		—		564,236
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		—		—		235,945		235,945		119,410		355,355
Multi-Family Loans:
Multi-Family		—		—		324,602		324,602		—		324,602
Multi-Family Second Mortgage		—		—		—		—		—		—
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		—		—		3,166,992		3,166,992		143,178		3,310,170
Commercial Second Mortgage		—		—		—		—		—		—
Commercial Lines of Credit		—		122,129		494,407		616,536		—		616,536
Commercial Construction		—		—		644,072		644,072		—		644,072
Commercial and Industrial Loans		—		—		237,957		237,957		199,772		437,729
Land Loans:
Lot Loans		—		—		3,144,721		3,144,721		671,057		3,815,778
Acquisition and Development Loans		—		—		1,380,199		1,380,199		—		1,380,199
Consumer Loans		—		—		—		—		—		—
Total Nonperforming Loans	$	119,940	$	256,324	$	17,459,888	$	17,836,152	$	2,239,443	$	20,075,595
Total Loans	$	2,154,002	$	787,386	$	17,459,888	$	20,401,276	$	537,279,105	$	557,680,380

Troubled Debt Restructurings:

Included in loans individually impaired are loans with recorded investment of $15,345,654 and $15,590,705 for which the Company has allocated $153,391 of specific reserves to customers whose terms have been modified in troubled debt restructurings as of both September 30, 2012 and June 30, 2012, respectively. Included in troubled debt restructurings are $1,608,276 and $1,805,855 of restructured loans on non-accrual at September 30, 2012 and June 30, 2012, respectively. Of the restructured loans, both performing and non-accrual, one loan totaling $111,944 was not performing in accordance with its modified terms. There are no commitments to lend additional amounts at September 30, 2012 and June 30, 2012.

The following table presents the aggregate balance of loans by loan class whose terms have been modified in troubled debt restructurings as of September 30, 2012 and June 30, 2012:

			Outstanding				Outstanding
			Recorded				Recorded
	Number		Investment		Number		Investment
	of Loans		9/30/2012		of Loans		6/30/2012
Troubled Debt Restructurings:
One-to-Four Family Loans:
1-4 Family Owner Occupied		20	$	3,756,859		20	$	3,775,715
1-4 Family Non-Owner Occupied		1		49,594		1		53,993
1-4 Family Second Mortgage		5		908,979		5		912,147
Home Equity Lines of Credit		1		63,782		1		63,782
Home Equity Investment Lines of Credit		0		—		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		—		0		0
1-4 Family Construction Models/Speculative		0		—		0		0
Multi-Family Loans:
Multi-Family		1		294,893		1		297,979
Multi-Family Second Mortgage		0		—		0		0
Multi-Family Construction		0		—		0		0
Commercial Real Estate Loans:
Commercial		12		8,230,906		12		8,264,020
Commercial Second Mortgage		0		—		0		0
Commercial Lines of Credit		0		—		0		0
Commercial Construction		0		—		0		0
Commercial and Industrial Loans		2		40,485		2		40,696
Land Loans:
Lot Loans		0		—		0		0
Acquisition and Development Loans		2		2,000,156		2		2,182,373
Consumer Loans		0		—		0		0
Total		44	$	15,345,654		44	$	15,590,705

The summary of activity for troubled debt restructured loans for the three months ending September 30, 2012 was as follows:

	Three months ended
	September 30, 2012
Troubled Debt Restructurings:
Beginning Balance	$	15,590,705
Additions		—
Charge-offs		(3,688	)
Payoffs or pay downs		(241,363	)
Ending Balance	$	15,345,654

During the periods ended September 30, 2012 and September 30, 2011, the terms of certain loans to borrowers experiencing financial difficulty were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy.

The following table presents loans, by classes, which were modified during the three months ended September 30, 2012. All modifications during the three months ended September 30, 2012 were limited to loans which were already classified as troubled debt restructurings and involved an extension of the maturity dates and were for periods ranging from 12 months to 24 months.

	September 30, 2012
			Pre-Modification		Post-Modification
	Number		Outstanding Recorded		Outstanding Recorded
	of Loans		Investment		Investment
Troubled Debt Restructurings:
1-4 Family Owner Occupied		0		0		0
1-4 Family Non-Owner Occupied		0		0		0
Commercial Real Estate		1	$	1,283,869	$	1,283,869
Commercial Second Mortgage		0		0		0
Acquisition and Development		1		816,672		816,672
Total		2	$	2,100,541	$	2,100,541

The troubled debt restructurings described above did not result in an increase in the allowance for loan losses for the three months ended September 30, 2012, and did not result in charge offs during the three months ended September 30, 2012.

The following table presents loans by class modified as troubled debt restructurings that occurred during the three-month period ended September 30, 2011:

	September 30, 2011
			Pre-Modification		Post-Modification
	Number		Outstanding Recorded		Outstanding Recorded
	of Loans		Investment		Investment
Troubled Debt Restructurings:
Commercial Real Estate		1	$	295,362	$	295,362
Commercial and Industrial		1		44,149		44,149
Total		2	$	339,511	$	339,511

The troubled debt restructurings described above increased the allowance for loan losses by $36,395 and did not result in charge offs during the period ended September 30, 2011.

During the three months ended September 30, 2012, one loan modified as a troubled debt restructure had a payment default within twelve months following the modification.

The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the period ended September 30, 2011:

			Pre-Modification		Post-Modification
	Number		Outstanding Recorded		Outstanding Recorded
	of Loans		Investment		Investment
Troubled Debt Restructurings:
1-4 Family Non-Owner Occupied		13	$	1,050,206	$	1,050,206
Home Equity Lines of Credit		1		63,782		63,782
Total		14	$	1,113,988	$	1,113,988

For the purpose of this disclosure, a loan is considered to be in payment default once it is 90 days contractually past due under the modified terms.

The troubled debt restructurings that subsequently defaulted described above did not result in increasing the allowance or result in charge offs during the period ending September 30, 2011.

Credit Quality Indicators

The Company categorizes loans into risk strata based on relevant borrower information about the ability to service debt. This information includes a review of current financial information, historic payment experience, credit documentation, relevant public information and other factors, as determined by credit underwriting guidelines. Through its analysis of individual borrowers, the Company classifies each loan as to credit risk. All loans considered non-homogeneous, specifically those that are deemed commercial and industrial or commercial real estate loans, are subject to review by the Company, regardless of loan size. In practice, these loans are reviewed continually and changes to the risk rating, if necessary, occur on a quarterly basis. Loans that are considered homogeneous, or those which fall into the categories of one-to-four family loans or into consumer loans, are not individually rated annually. The payment performance of the homogeneous loans serves as the clear credit indicator of classification into the categories of pass-rated loans or into substandard, non-accrual loans. Homogeneous loans that are less than 90 days past due are generally reported as pass-rated loans, unless related to a rated commercial and industrial or commercial real estate loan. Homogeneous loans which are greater than 90 days past due are placed on non-accrual and rated substandard. Payment performance indicators are based on performance through September 30, 2012. The Company uses the following definitions for adverse risk ratings:

Special Mention. Loans classified as special mention have a potential weakness that requires close attention. If left unattended, the potential weaknesses may result in further deterioration in the repayment prospects of the loan or of the institution’s credit position at a future date.

Substandard. Loans classified as substandard are protected inadequately by the current financial means of the borrower or through the liquidation of collateral pledged. Loans classified as substandard have a well-defined weakness and without substantial intervention, there is a distinct possibility that the Company may incur a loss. As a matter of practice, if the Company feels that a total loss is imminent, it

designates nearly all of these loans to charge off. Accordingly, the Company uses the loan classification of doubtful (as defined hereafter), sparingly.

Doubtful. Loans classified as doubtful have all of the inherent weaknesses of those loans classified as substandard with the added structural weakness that the collection in full is highly unlikely. As such, this category is used sparingly by the Company.

As of September 30, 2012, and based on the most recent analysis performed by the Company, the risk category of loans by class of loan was as follows:

			Special
	Pass(1)		Mention		Substandard		Doubtful		Total
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	56,662,038	$	0	$	2,567,550	$	0	$	59,229,588
1-4 Family Non-Owner Occupied		30,693,293		1,108,211		2,462,498		0		34,264,002
1-4 Family Second Mortgage		27,762,887		205,384		728,464		0		28,696,735
Home Equity Lines of Credit		62,045,109		49,585		2,763,839		0		64,858,533
Home Equity Investment Lines of Credit		4,312,353		200,846		748,505		0		5,261,704
One-to-Four Family Construction Loans:
1-4 Family Construction		1,030,832		0		308,927		0		1,339,759
1-4 Family Construction Models/Speculative		93,964		0		526,364		0		620,328
Multi-Family Loans:
Multi-Family		61,448,233		1,112,062		5,720		0		62,566,015
Multi-Family Second Mortgage		144,588		0		0		0		144,588
Multi-Family Construction		108,303		0		0		0		108,303
Commercial Real Estate Loans:
Commercial		182,950,964		3,389,855		11,455,022		0		197,795,841
Commercial Second Mortgage		4,794,184		0		0		0		4,794,184
Commercial Lines of Credit		19,724,964		0		2,905,781		0		22,630,745
Commercial Construction		8,471,587		0		644,808		0		9,116,395
Commercial and Industrial Loans		36,356,799		87,877		1,068,721		0		37,513,397
Land Loans:
Lot Loans		4,901,956		38,650		4,395,212		0		9,335,818
Acquisition and Development Loans		17,367,339		0		1,579,625		0		18,946,964
Consumer Loans		2,099,017		0		0		0		2,099,017
Total	$	520,968,410	$	6,192,470	$	32,161,036	$	0	$	559,321,916

(1) There are $2.1 million in non-homogeneous loans which are subject to individual review for risk rating included in the pass risk category based on payment status as they have not yet been individually reviewed.

As of June 30, 2012, and based on the most recent analysis performed by the Company, the risk category of loans by class of loan was as follows:

			Special
	Pass(1)		Mention		Substandard		Doubtful		Total
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	55,526,297	$	0	$	3,150,598	$	—	$	58,676,895
1-4 Family Non-Owner Occupied		30,621,009		1,117,122		2,590,969		—		34,329,100
1-4 Family Second Mortgage		28,147,735		206,701		814,384		—		29,168,820
Home Equity Lines of Credit		63,030,206		49,585		2,753,893		—		65,833,684
Home Equity Investment Lines of Credit		4,828,651		200,886		609,872		—		5,639,409
One-to-Four Family Construction Loans:
1-4 Family Construction		513,466		0		0		—		513,466
1-4 Family Construction Models/Speculative		724,177		0		882,124		—		1,606,301
Multi-Family Loans:
Multi-Family		52,448,152		1,124,756		324,974		—		53,897,882
Multi-Family Second Mortgage		145,476		0		0		—		145,476
Multi-Family Construction		5,368,866		0		0		—		5,368,866
Commercial Real Estate Loans:
Commercial		183,422,738		3,100,295		11,538,141		—		198,061,174
Commercial Second Mortgage		5,743,721		0		0		—		5,743,721
Commercial Lines of Credit		19,401,017		0		2,909,112		—		22,310,129
Commercial Construction		7,079,104		0		644,807		—		7,723,911
Commercial and Industrial Loans		34,042,381		91,634		1,268,721		—		35,402,736
Land Loans:
Lot Loans		8,217,784		39,374		3,820,138		—		12,077,296
Acquisition and Development Loans		16,486,141		0		2,585,076		—		19,071,217
Consumer Loans		2,110,297		0		0		—		2,110,297
Total	$	517,857,218	$	5,930,353	$	33,892,809	$	—	$	557,680,380

(1) There are $2.6 million in non-homogeneous loans which are subject to individual review for risk rating included in the pass risk category based on payment status as they have not yet been individually reviewed.

XML

MORTGAGE BANKING ACTIVITIES - Activity in Valuation Allowance for Mortgage Servicing Rights (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Mortgage Loan Activity [Line Items]
Balance, beginning of period	$ (816,481)	$ (304,001)
Impairment charges	(604,179)	(698,468)
Impairment recoveries
Balance, end of period	$ (1,420,660)	$ (1,002,469)

XML

LOANS RECEIVABLE - Allowance for Loan Losses by Portfolio Segment (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance at June 30	$ 16,052,865	$ 29,996,893
Provision for loan losses	1,050,000	1,500,000
Charge-offs	(1,081,715)	(1,969,520)
Recoveries	114,490	25,791
Ending balance at September 30	16,135,640	29,553,164
1-4 Family [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance at June 30	5,765,276	8,841,454
Provision for loan losses	623,779	(511,394)
Charge-offs	(741,685)	(476,158)
Recoveries	42,569	4,765
Ending balance at September 30	5,689,939	7,858,667
1-4 Family Construction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance at June 30	305,312	1,266,740
Provision for loan losses	43,601	39,566
Charge-offs	(45,959)	(109,322)
Recoveries	10,000
Ending balance at September 30	312,954	1,196,984
Multi-Family [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance at June 30	1,903,138	1,767,335
Provision for loan losses	(766,960)	(360,444)
Charge-offs		(236,663)
Ending balance at September 30	1,136,178	1,170,228
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance at June 30	5,084,179	8,458,943
Provision for loan losses	943,294	949,896
Charge-offs	(248,493)	(1,089,347)
Recoveries	17,614	19,271
Ending balance at September 30	5,796,594	8,338,763
Commercial and Industrial [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance at June 30	928,043	1,663,894
Provision for loan losses	312,966	493,657
Charge-offs	(12,500)	(29,609)
Recoveries	1,585	1,755
Ending balance at September 30	1,230,094	2,129,697
Land Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance at June 30	2,057,301	7,891,305
Provision for loan losses	(120,627)	728,029
Charge-offs	(20,078)	(28,421)
Recoveries	42,480
Ending balance at September 30	1,959,076	8,590,913
Consumer [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance at June 30	9,616	107,222
Provision for loan losses	13,947	160,690
Charge-offs	(13,000)
Recoveries	242
Ending balance at September 30	$ 10,805	$ 267,912

XML

LOANS RECEIVABLE - Loans Receivable (Detail) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 559,965,954	$ 558,317,524
Net deferred loan origination fees	(644,038)	(637,144)
Allowance for loan losses	(16,135,640)	(16,052,865)
Total loans receivable, net	543,186,276	541,627,515
1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	(5,689,939)	(5,765,276)
Multi-Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	(1,136,178)	(1,903,138)
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	(5,796,594)	(5,084,179)
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	37,556,592	35,443,184
Allowance for loan losses	(1,230,094)	(928,043)
Land Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	(1,959,076)	(2,057,301)
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	2,101,434	2,112,708
Allowance for loan losses	(10,805)	(9,616)
Owner Occupied [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	59,297,788	58,743,933
Non-Owner Occupied [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	34,303,456	34,368,320
Second Mortgage [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	28,729,779	29,202,145
Second Mortgage [Member] | Multi-Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	144,754	145,642
Second Mortgage [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	4,799,704	5,750,283
Home Equity Lines of Credit [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	64,933,215	65,908,899
Home Equity Investment Lines of Credit [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	5,267,763	5,645,851
Construction Loans [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	1,341,302	514,052
Construction Loans [Member] | Multi-Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	108,428	5,375,000
Construction Loans [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	9,126,892	7,732,736
Construction Models/Speculative [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	621,042	1,608,137
Multi-Family [Member] | Multi-Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	62,638,057	53,959,459
Commercial [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	198,023,597	198,287,457
Lines of Credit [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	22,656,803	22,335,619
Lot Loans [Member] | Land Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	9,346,567	12,091,093
Acquisition and Development Loans [Member] | Land Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 18,968,781	$ 19,093,006

XML

FAIR VALUE - Aggregate Fair Value, Contractual Balance (Including Accrued Interest), and Gain or Loss (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Jun. 30, 2012
Fair Value Disclosures [Line Items]
Aggregate fair value	$ 19,765,946	$ 12,856,969	$ 25,062,786
Contractual balance	19,114,838	12,443,953
Gain (loss)	$ 651,108	$ 413,016

XML

MORTGAGE BANKING ACTIVITIES - Mortgage Banking Activities (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Mortgage loan servicing fees	$ 671,611	$ 654,577
Amortization of mortgage loan servicing rights	(972,306)	(773,379)
Impairment of mortgage loan servicing rights	(604,179)	(698,468)
Mortgage loan servicing (loss), net	(904,874)	(817,270)
Changes in fair value of loans held for sale	(87,634)	231,052
Changes in fair value of mortgage banking derivatives	567,931	748,776
Realized gains on sale of loans	3,550,824	847,607
Gain on the sale of mortgage loans	$ 4,031,121	$ 1,827,435

XML

LOANS RECEIVABLE - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment (Detail) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	$ 1,452,505	$ 1,418,334
Collectively evaluated for impairment	14,683,135	14,634,531
Total ending allowance balance	16,135,640	16,052,865
Loans individually evaluated for impairment	32,498,705	34,578,463
Loans collectively evaluated for impairment	526,823,211	523,101,917
Total ending loans balance	559,321,916	557,680,380
1-4 Family [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	699,204	665,033
Collectively evaluated for impairment	4,990,735	5,100,243
Total ending allowance balance	5,689,939	5,765,276
Loans individually evaluated for impairment	12,208,532	13,243,350
Loans collectively evaluated for impairment	180,102,030	180,404,558
Total ending loans balance	192,310,562	193,647,908
1-4 Family Construction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	101,716	101,716
Collectively evaluated for impairment	211,238	203,596
Total ending allowance balance	312,954	305,312
Loans individually evaluated for impairment	833,904	880,749
Loans collectively evaluated for impairment	1,126,183	1,239,018
Total ending loans balance	1,960,087	2,119,767
Multi-Family [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment	1,136,178	1,903,138
Total ending allowance balance	1,136,178	1,903,138
Loans individually evaluated for impairment	300,254	622,228
Loans collectively evaluated for impairment	62,518,652	58,789,996
Total ending loans balance	62,818,906	59,412,224
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	98,725	98,725
Collectively evaluated for impairment	5,697,869	4,985,454
Total ending allowance balance	5,796,594	5,084,179
Loans individually evaluated for impairment	11,851,912	11,902,730
Loans collectively evaluated for impairment	222,485,254	221,936,205
Total ending loans balance	234,337,166	233,838,935
Commercial and Industrial [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	300,860	300,860
Collectively evaluated for impairment	929,234	627,183
Total ending allowance balance	1,230,094	928,043
Loans individually evaluated for impairment	540,441	740,297
Loans collectively evaluated for impairment	36,972,956	34,662,439
Total ending loans balance	37,513,397	35,402,736
Land Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	252,000	252,000
Collectively evaluated for impairment	1,707,076	1,805,301
Total ending allowance balance	1,959,076	2,057,301
Loans individually evaluated for impairment	6,763,662	7,189,109
Loans collectively evaluated for impairment	21,519,119	23,959,404
Total ending loans balance	28,282,781	31,148,513
Consumer [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment	10,805	9,616
Total ending allowance balance	10,805	9,616
Loans collectively evaluated for impairment	2,099,017	2,110,297
Total ending loans balance	$ 2,099,017	$ 2,110,297

XML

LOANS RECEIVABLE - Loans Individually Evaluated for Impairment by Class of Loan (Detail) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Jun. 30, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	$ 55,705	$ 85,666	$ 266,691
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	9,685	48,004	61,499
Total loans evaluated for impairment	65,390	133,670	328,190
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	55,705	85,666	266,691
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	9,685	48,004	61,499
Total loans evaluated for impairment	65,390	133,670	328,190
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	29,295,097	26,399,450	31,678,916
Impaired Financing Receivable With Related Allowance Average Recorded Investment	4,243,486	38,184,531	14,557,752
Total loans evaluated for impairment	33,538,583	64,583,981	46,236,668
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	1,452,505	13,560,135	1,418,334
Total loans evaluated for impairment	1,452,505	13,560,135	1,418,334
Impaired Financing Receivable With No Related Allowance Recorded Investment	28,227,990	26,855,032	30,362,205
Impaired Financing Receivable With Related Allowance Recorded Investment	4,270,715	37,834,854	4,216,258
Total loans evaluated for impairment	32,498,705	64,689,886	34,578,463
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	36,335,005	26,899,047	40,110,745
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	4,275,632	37,896,862	4,221,075
Total loans evaluated for impairment	40,610,637	64,795,909	44,331,820
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0		662
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0	2,920	0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0		662
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0	2,920	0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	339,854	2,057,142	2,335,961
Impaired Financing Receivable With Related Allowance Average Recorded Investment	300,515	2,456,243	1,404,807
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	300,860	1,041,066	300,860
Impaired Financing Receivable With No Related Allowance Recorded Investment	239,927	2,555,755	439,781
Impaired Financing Receivable With Related Allowance Recorded Investment	300,514	3,274,422	300,517
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	484,799	2,559,945	801,075
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	300,860	3,279,788	300,860
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0		0
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0		0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0		0
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0		0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	0		0
Impaired Financing Receivable With Related Allowance Average Recorded Investment	0		0
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	0		0
Impaired Financing Receivable With No Related Allowance Recorded Investment	0		0
Impaired Financing Receivable With Related Allowance Recorded Investment	0		0
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	0		0
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	0		0
Owner Occupied [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0	47,473	30,882
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0	719	0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0	47,473	30,882
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0	719	0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	5,373,322	6,605,736	5,437,834
Impaired Financing Receivable With Related Allowance Average Recorded Investment	231,635	1,158,082	526,956
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	39,982	405,552	39,981
Impaired Financing Receivable With No Related Allowance Recorded Investment	5,075,565	6,091,111	5,671,079
Impaired Financing Receivable With Related Allowance Recorded Investment	230,786	1,628,349	232,485
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	5,878,741	6,101,095	6,380,803
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	231,051	1,631,018	232,751
Non-Owner Occupied [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	164	7,295	48,828
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0	3,565	10,112
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	164	7,295	48,828
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0	3,565	10,112
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	2,291,842	1,998,029	3,503,049
Impaired Financing Receivable With Related Allowance Average Recorded Investment	116,778	4,747,990	1,243,154
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	8,286	1,924,308	8,286
Impaired Financing Receivable With No Related Allowance Recorded Investment	2,130,102	2,840,881	2,453,581
Impaired Financing Receivable With Related Allowance Recorded Investment	116,329	4,618,352	117,226
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	3,487,465	2,845,537	4,597,708
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	116,463	4,625,921	117,360
Second Mortgage [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0	107	3,958
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	592		0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0	107	3,958
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	592		0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	1,186,435	1,279,294	1,374,161
Impaired Financing Receivable With Related Allowance Average Recorded Investment	246,674	361,465	175,881
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	14,685	224,653	14,685
Impaired Financing Receivable With No Related Allowance Recorded Investment	1,142,585	1,515,080	1,230,284
Impaired Financing Receivable With Related Allowance Recorded Investment	246,337	456,513	247,011
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	1,405,390	1,517,563	1,455,914
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	246,621	457,261	247,293
Second Mortgage [Member] | Multi-Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0		0
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0	1,660	0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0		0
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0	1,660	0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	0		0
Impaired Financing Receivable With Related Allowance Average Recorded Investment	0		0
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	0		0
Impaired Financing Receivable With No Related Allowance Recorded Investment	0		0
Impaired Financing Receivable With Related Allowance Recorded Investment	0		0
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	0		0
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	0		0
Second Mortgage [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0		1,660
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0		0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0		1,660
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0		0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment		570,519	192,399
Impaired Financing Receivable With Related Allowance Average Recorded Investment	0	68,440	34,220
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	0	3,553	0
Impaired Financing Receivable With No Related Allowance Recorded Investment	0	570,538	0
Impaired Financing Receivable With Related Allowance Recorded Investment	0	136,881	0
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	0	571,473	0
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	0	137,105	0
Home Equity Loans [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0	582	0
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0		0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0	582	0
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0		0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	1,790,931	867,519	1,344,562
Impaired Financing Receivable With Related Allowance Average Recorded Investment	928,753	2,298,073	1,629,256
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	338,080	987,669	299,759
Impaired Financing Receivable With No Related Allowance Recorded Investment	1,749,268	795,203	1,832,595
Impaired Financing Receivable With Related Allowance Recorded Investment	962,653	2,325,385	894,852
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	1,751,282	796,506	1,834,685
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	963,762	2,329,197	895,875
Home Equity Investment Lines of Credit [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0	317	0
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0	1,286	0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0	317	0
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0	1,286	0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	156,942	221,646	204,703
Impaired Financing Receivable With Related Allowance Average Recorded Investment	402,629	345,158	470,382
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	298,171	102,008	302,322
Impaired Financing Receivable With No Related Allowance Recorded Investment	156,941	309,614	156,943
Impaired Financing Receivable With Related Allowance Recorded Investment	397,966	345,170	407,293
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	157,122	310,121	157,120
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	398,424	345,735	407,757
Construction Loans [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0		4,821
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0		4,821
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment			52,573
Impaired Financing Receivable With Related Allowance Average Recorded Investment	0		0
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	0		0
Impaired Financing Receivable With No Related Allowance Recorded Investment	0		0
Impaired Financing Receivable With Related Allowance Recorded Investment	0		0
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	0		0
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	0		0
Construction Loans [Member] | Multi-Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0		0
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0		0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0		0
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0		0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	0		0
Impaired Financing Receivable With Related Allowance Average Recorded Investment	0		0
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	0		0
Impaired Financing Receivable With No Related Allowance Recorded Investment	0		0
Impaired Financing Receivable With Related Allowance Recorded Investment	0		0
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	0		0
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	0		0
Construction Loans [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0		0
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0		0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0		0
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0		0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	643,859	369,382	575,159
Impaired Financing Receivable With Related Allowance Average Recorded Investment	0	3,146,613	711,804
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	0	751,178	0
Impaired Financing Receivable With No Related Allowance Recorded Investment	643,855	369,395	643,863
Impaired Financing Receivable With Related Allowance Recorded Investment	0	2,847,217	0
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	828,491	370,000	828,490
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	0	2,851,883	0
Construction Models/Speculative [Member] | 1-4 Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0	1,322	0
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	7,062		14,047
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0	1,322	0
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	7,062		14,047
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	331,566	176,753	475,027
Impaired Financing Receivable With Related Allowance Average Recorded Investment	525,760	2,838,155	1,064,520
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	101,716	862,554	101,716
Impaired Financing Receivable With No Related Allowance Recorded Investment	308,146	176,598	354,986
Impaired Financing Receivable With Related Allowance Recorded Investment	525,758	2,681,011	525,762
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	678,779	176,887	678,779
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	526,363	2,685,405	526,363
Multi-Family [Member] | Multi-Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0		4,081
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0		0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0		4,081
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0		0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	461,241	1,224,791	550,760
Impaired Financing Receivable With Related Allowance Average Recorded Investment	0	368,212	92,056
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	0	226,067	0
Impaired Financing Receivable With No Related Allowance Recorded Investment	300,254	305,404	622,228
Impaired Financing Receivable With Related Allowance Recorded Investment	0	368,224	0
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	312,714	305,904	635,053
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	0	368,828	0
Commercial [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	43,972	25,577	147,148
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0	6,936	37,340
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	43,972	25,577	147,148
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0	6,936	37,340
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	9,262,945	6,842,586	8,005,131
Impaired Financing Receivable With Related Allowance Average Recorded Investment	1,355,647	7,485,402	3,796,149
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	98,725	929,808	98,725
Impaired Financing Receivable With No Related Allowance Recorded Investment	9,239,212	7,254,974	9,286,679
Impaired Financing Receivable With Related Allowance Recorded Investment	1,355,641	6,367,846	1,355,653
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	10,366,525	7,266,866	10,902,253
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	1,357,202	6,378,282	1,357,202
Lines of Credit [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0	2,186	0
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0		0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0	2,186	0
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0		0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	614,870	2,758,567	2,413,942
Impaired Financing Receivable With Related Allowance Average Recorded Investment			48,854
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	0		0
Impaired Financing Receivable With No Related Allowance Recorded Investment	613,204	2,618,848	616,536
Impaired Financing Receivable With Related Allowance Recorded Investment	0		0
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	613,910	2,623,140	617,240
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	0		0
Lot Loans [Member] | Land Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	11,569	807	5,519
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	2,031	6,742	0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	11,569	807	5,519
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	2,031	6,742	0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	3,966,345	1,153,055	2,955,360
Impaired Financing Receivable With Related Allowance Average Recorded Investment	135,095	3,084,307	962,537
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	252,000	1,291,302	252,000
Impaired Financing Receivable With No Related Allowance Recorded Investment	4,254,141	1,341,993	3,678,550
Impaired Financing Receivable With Related Allowance Recorded Investment	134,731	3,196,779	135,459
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	5,379,609	1,344,192	5,235,050
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	134,886	3,202,019	135,614
Acquisition and Development Loans [Member] | Land Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method	0		19,132
Impaired Financing Receivable With Related Allowance Interest Income Cash Basis Method	0	24,176	0
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method	0		19,132
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method	0	24,176	0
Impaired Financing Receivable With No Related Allowance Average Recorded Investment	2,874,945	274,431	2,258,295
Impaired Financing Receivable With Related Allowance Average Recorded Investment	0	9,826,391	2,397,176
Impaired Financing Receivable With No Related Allowance	0		0
Impaired Financing Receivable Related Allowance	0	4,810,417	0
Impaired Financing Receivable With No Related Allowance Recorded Investment	2,374,790	109,638	3,375,100
Impaired Financing Receivable With Related Allowance Recorded Investment	0	9,588,705	0
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance	4,990,178	109,818	5,986,575
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance	$ 0	$ 9,604,420	$ 0

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SECURITIES

3 Months Ended

Sep. 30, 2012

SECURITIES

NOTE 2 — SECURITIES

As of September 30, 2012 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:

	September 30, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
FNMA structured notes	$	2,000,000	$	3,600	$	0		$	2,003,600
Trust preferred and corporate securities		18,210,212		460,346		(13,562	)		18,656,997
Mortgage-backed GSE securities		17,247,156		387,506		(14,708	)		17,619,954
Total	$	37,457,369	$	851,452	$	(28,270	)	$	38,280,551
	June 30, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
FNMA structured notes	$	2,000,000	$	9,320	$	0		$	2,009,320
Trust preferred and corporate 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 September 30, 2012 and June 30, 2012, respectively, the gross unrealized losses were in a loss position for less than 12 months. Management does not believe that any of these losses at September 30, 2012 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:

	September 30, 2012
	Amortized
	Cost		Fair Value
One to five years	$	2,000,000	$	2,003,600
Five to ten years		5,037,865		5,102,220
Greater than 10 years		13,172,347		13,554,827
Mortgage-backed GSE securities		17,225,615		17,619,954
Total	$	37,435,828	$	38,280,551

The Fannie Mae (“FNMA”) structured note held at September 30, 2012 is callable on November 9, 2012 and quarterly thereafter, has multiple coupon resets and matures on November 9, 2016. 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 $14.6 million.

XML

LOANS RECEIVABLE - Additional Information 1 (Detail) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Jun. 30, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans individually identified for impairment accruing interest	$ 65,390	$ 133,670	$ 328,190
Loans matured and continue to make current payments	$ 6,100,000		$ 6,300,000

XML

LOANS RECEIVABLE - Analysis Performed by Company, Risk Category of Loans (Detail) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	$ 559,321,916	$ 557,680,380
1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	192,310,562	193,647,908
Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	37,513,397	35,402,736
Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	28,282,781	31,148,513
Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	2,099,017	2,110,297
Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	59,229,588	58,676,895
Non-Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	34,264,002	34,329,100
Second Mortgage [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	28,696,735	29,168,820
Second Mortgage [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	144,588	145,476
Second Mortgage [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	4,794,184	5,743,721
Home Equity Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	64,858,533	65,833,684
Home Equity Investment Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	5,261,704	5,639,409
Construction Loans [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	1,339,759	513,466
Construction Loans [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	108,303	5,368,866
Construction Loans [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	9,116,395	7,723,911
Construction Models/Speculative [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	620,328	1,606,301
Multi-Family [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	62,566,015	53,897,882
Commercial [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	197,795,841	198,061,174
Lines of Credit [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	22,630,745	22,310,129
Lot Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	9,335,818	12,077,296
Acquisition and Development Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	18,946,964	19,071,217
Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	520,968,410	517,857,218
Pass [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	36,356,799	34,042,381
Pass [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	2,099,017	2,110,297
Pass [Member] | Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	56,662,038	55,526,297
Pass [Member] | Non-Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	30,693,293	30,621,009
Pass [Member] | Second Mortgage [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	27,762,887	28,147,735
Pass [Member] | Second Mortgage [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	144,588	145,476
Pass [Member] | Second Mortgage [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	4,794,184	5,743,721
Pass [Member] | Home Equity Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	62,045,109	63,030,206
Pass [Member] | Home Equity Investment Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	4,312,353	4,828,651
Pass [Member] | Construction Loans [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	1,030,832	513,466
Pass [Member] | Construction Loans [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	108,303	5,368,866
Pass [Member] | Construction Loans [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	8,471,587	7,079,104
Pass [Member] | Construction Models/Speculative [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	93,964	724,177
Pass [Member] | Multi-Family [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	61,448,233	52,448,152
Pass [Member] | Commercial [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	182,950,964	183,422,738
Pass [Member] | Lines of Credit [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	19,724,964	19,401,017
Pass [Member] | Lot Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	4,901,956	8,217,784
Pass [Member] | Acquisition and Development Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	17,367,339	16,486,141
Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	6,192,470	5,930,353
Special Mention [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	87,877	91,634
Special Mention [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Special Mention [Member] | Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Special Mention [Member] | Non-Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	1,108,211	1,117,122
Special Mention [Member] | Second Mortgage [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	205,384	206,701
Special Mention [Member] | Second Mortgage [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Special Mention [Member] | Second Mortgage [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Special Mention [Member] | Home Equity Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	49,585	49,585
Special Mention [Member] | Home Equity Investment Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	200,846	200,886
Special Mention [Member] | Construction Loans [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Special Mention [Member] | Construction Loans [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Special Mention [Member] | Construction Loans [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Special Mention [Member] | Construction Models/Speculative [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Special Mention [Member] | Multi-Family [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	1,112,062	1,124,756
Special Mention [Member] | Commercial [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	3,389,855	3,100,295
Special Mention [Member] | Lines of Credit [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Special Mention [Member] | Lot Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	38,650	39,374
Special Mention [Member] | Acquisition and Development Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	32,161,036	33,892,809
Substandard [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	1,068,721	1,268,721
Substandard [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Substandard [Member] | Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	2,567,550	3,150,598
Substandard [Member] | Non-Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	2,462,498	2,590,969
Substandard [Member] | Second Mortgage [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	728,464	814,384
Substandard [Member] | Second Mortgage [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Substandard [Member] | Second Mortgage [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Substandard [Member] | Home Equity Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	2,763,839	2,753,893
Substandard [Member] | Home Equity Investment Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	748,505	609,872
Substandard [Member] | Construction Loans [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	308,927	0
Substandard [Member] | Construction Loans [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0	0
Substandard [Member] | Construction Loans [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	644,808	644,807
Substandard [Member] | Construction Models/Speculative [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	526,364	882,124
Substandard [Member] | Multi-Family [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	5,720	324,974
Substandard [Member] | Commercial [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	11,455,022	11,538,141
Substandard [Member] | Lines of Credit [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	2,905,781	2,909,112
Substandard [Member] | Lot Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	4,395,212	3,820,138
Substandard [Member] | Acquisition and Development Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	1,579,625	2,585,076
Doubtful [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Non-Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Second Mortgage [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Second Mortgage [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Second Mortgage [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Home Equity Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Home Equity Investment Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Construction Loans [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Construction Loans [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Construction Loans [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Construction Models/Speculative [Member] | 1-4 Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Multi-Family [Member] | Multi-Family [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Commercial [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Lines of Credit [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Lot Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	0
Doubtful [Member] | Acquisition and Development Loans [Member] | Land Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Risk category of loans by class of loans	$ 0

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FAIR VALUE - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	Sep. 30, 2012	Jun. 30, 2012	Sep. 30, 2011
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Mortgage-backed GSE securities	$ 17,619,954
Loans held-for-sale	19,765,946	25,062,786	12,856,969
Interest rate-lock commitments	3,067,188	1,773,453
Mandatory forward sales contracts	843,522	117,718
FNMA structured note [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Securities available for sale	2,003,600	2,009,320
Trust preferred and corporate securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Securities available for sale	18,656,997	21,261,762
Mortgage-backed GSE securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Mortgage-backed GSE securities	17,619,954	15,386,963
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Loans held-for-sale	19,765,946	25,062,786
Interest rate-lock commitments	3,067,188	1,773,453
Mandatory forward sales contracts	843,522	117,718
Significant Other Observable Inputs (Level 2) [Member] | FNMA structured note [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Securities available for sale	2,003,600	2,009,320
Significant Other Observable Inputs (Level 2) [Member] | Trust preferred and corporate securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Securities available for sale	18,656,997	21,261,762
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed GSE securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Mortgage-backed GSE securities	$ 17,619,954	$ 15,386,963

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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $)	Sep. 30, 2012	Jun. 30, 2012
ASSETS
Cash and amounts due from financial institutions	$ 16,903,187	$ 5,840,608
Interest-bearing deposits	97,672,255	114,269,532
Total cash and cash equivalents	114,575,442	120,110,140
Securities available for sale	38,280,551	38,658,044
Loans receivable held for sale, net	19,765,946	25,062,786
Loans receivable, net of allowance of $16,135,640 and $16,052,865	543,186,276	541,627,515
Office properties and equipment, net	7,286,062	7,237,165
Real estate owned, net	7,232,119	7,733,578
Federal Home Loan Bank stock	12,811,100	12,811,100
Bank-owned life insurance	23,696,129	23,648,663
Prepaid expenses and other assets	12,289,670	14,560,882
Total assets	779,123,295	791,449,873
Liabilities
Non-interest bearing deposits	57,769,225	51,786,588
Interest bearing deposits	588,381,234	604,192,552
Total deposits	646,150,459	655,979,140
Note payable	1,019,445	1,046,111
Long-term advances from the Federal Home Loan Bank	35,000,000	35,000,000
Advances from borrowers for taxes and insurance	6,955,246	4,469,292
Accrued expenses and other liabilities	17,167,776	24,224,709
Total liabilities	706,292,926	720,719,252
Stockholders' equity
Serial preferred stock, $.01 par value, 1,000,000 shares authorized; none issued
Common stock, $.01 par value, 65,000,000 shares authorized; 26,392,195 and 26,217,796 shares issued, respectively	263,922	262,178
Additional paid-in capital	101,297,166	100,897,561
Retained earnings (accumulated deficit)	(24,568,768)	(26,119,855)
Accumulated other comprehensive income (loss)	(324,804)	(472,116)
Treasury stock at cost, 472,725 shares	(3,837,147)	(3,837,147)
Total stockholders' equity	72,830,369	70,730,621
Total liabilities and stockholders' equity	$ 779,123,295	$ 791,449,873

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STOCK BASED COMPENSATION - Additional Information (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012 Y	Sep. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expiration period	10
Maximum percentage of incentive stock options awarded to individuals	10.00%
Expire period of stock option award	5
Percentage of stock options award exercisable	110.00%
Option expiration period from the date of grant	10
Compensation expense	$ 35,906	$ 61,005
Compensation expense related to unvested awards not yet recognized	288,169
Weighted-average period of recognition of expense	1 year 8 months 12 days
Aggregate intrinsic value of options outstanding	322,962
Aggregate intrinsic value of options exercisable	71,865
Weighted-average remaining contractual life of options outstanding	6 years 8 months 12 days
Weighted-average remaining contractual life of vested options outstanding	4 years 8 months 12 days
Weighted-average fair value of the grant	$ 1.10
Weighted average fair value of restricted stock issued to employees	$ 157,432
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to unvested awards not yet recognized	370,729
Weighted-average period of recognition of expense	1 year 9 months 7 days
Restricted shares issued to executive officers	420,790
Weighted average fair value of restricted stock issued to employees	$ 1.84
Restricted stock awards issued to directors	77,937
Total fair value of restricted shares issued	$ 773,148
Shares available for future issuance	2,330,210

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Operating activities:
Net income (loss)	$ 1,551,087	$ (820,597)
Adjustments to reconcile net income to net cash flow from operating activities
Accretion of discount on available for sale securities	(6,180)	(8,940)
Depreciation and amortization	176,153	177,621
Provision for loan losses	1,050,000	1,500,000
Gain on the sale of loans receivable held for sale	(3,550,824)	(847,607)
(Gain) loss on the sale of SBA loans	3,686	(221,218)
Provision for real estate owned losses	233,719	69,400
Accretion (defferral) of loan origination fees, net	(95,144)	633,032
(Gain) loss on disposal of real estate owned, net	17,881	(140,112)
Market adjustment for loans held for sale	87,634	(231,052)
Change in fair value of mortgage banking derivatives	(567,931)	(748,776)
Stock compensation	399,606	61,005
Proceeds from loans receivable held for sale	112,540,431	44,937,267
Origination of loans receivable held for sale, net	(105,332,333)	(47,622,223)
Increase in cash surrender value of bank-owned life insurance	(47,466)	(62,699)
Net change in other assets and other liabilities	(2,745,430)	2,482,067
Net cash from (used in) operating activities	3,714,889	(842,833)
Investing activities:
Loan repayments and originations, net	(3,323,245)	2,899,216
Principal repayments on securities available for sale	1,881,562	246,328
Calls of securities available for sale	5,750,000	8,950,000
Purchase of securities available for sale	(7,024,690)	(3,000,000)
Additions to office properties and equipment, net	(225,050)	(146,920)
Proceeds from sale of real estate owned	1,059,485	657,264
Net cash from (used in) investing activities	(1,881,938)	9,605,888
Financing activities:
Net increase in demand deposits, NOW and passbook savings	12,928,106	(1,518,884)
Net decrease in time deposits	(22,756,787)	(2,530,726)
Repayment of note payable	(26,666)	(26,667)
Net increase (decrease) in advances from borrowers for taxes and insurance	2,485,954	(3,705,833)
Proceeds from the issuance of common shares	1,744
Net cash from (used in) financing activities	(7,367,649)	(7,782,110)
Net increase (decrease) in cash and cash equivalents	(5,534,698)	980,945
Cash and cash equivalents at beginning of year	120,110,140	149,291,405
Cash and cash equivalents at end of year	114,575,442	150,272,350
Supplemental disclosures of cash flow information:
Cash payments of interest	1,589,416	2,221,594
Cash payments of income taxes
Supplemental noncash investing activity:
Transfer of loans to real estate owned	$ 809,626	$ 538,978

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REGULATORY MATTERS - Additional Information (Detail)	Sep. 30, 2012	Jun. 30, 2012
Rate And Regulatory Matters [Line Items]
Tangible capital to adjusted total assets ratio	1.50%	1.50%
Core (Tier 1) capital to adjusted total assets ratio	4.00%	4.00%
Core (Tier 1) capital to risk- weighted assets ratio	4.00%	4.00%
Total capital to risk-weighted assets ratio	8.00%	8.00%

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LOANS RECEIVABLE - Additional Information 2 (Detail) (USD $)	3 Months Ended			3 Months Ended
	Sep. 30, 2011	Sep. 30, 2012	Jun. 30, 2012	Sep. 30, 2012 Minimum [Member]	Sep. 30, 2012 Maximum [Member]	Sep. 30, 2012 Nonperforming Loans [Member] SecurityLoan
Financing Receivable, Modifications [Line Items]
Recorded investment individually impaired loans		$ 15,345,654	$ 15,590,705
Specific reserves allocated to modified term customers		153,391	153,391
Troubled debt restructured loans		1,608,276	1,805,855
Troubled debt restructured loans						111,944
Number of Nonperforming loans						1
Term for loan modification				12 months	24 months
Increase in allowance for loan losses	$ 36,395

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EARNINGS PER SHARE (Tables)

3 Months Ended

Sep. 30, 2012

Schedule of Income (Loss) Per Share

The following table discloses the income (loss) per share for the three months ended September 30, 2012 and September 30, 2011, respectively:

	Three months ended September 30,
	2012						2011
	Income				Per Share		Income					Per Share
	(Loss)		Shares		Amount		(Loss)			Shares		Amount
Basic EPS
Net income (loss)	$	1,551,087		25,832,271	$	0.06	$	(850,597	)		25,669,718	$	(0.03	)
Effect of dilutive securities—stock options and warrants	$	—		216,777	$	0.00	$	—			—	$	0.00
Diluted EPS
Net income (loss)	$	1,551,087		26,049,048	$	0.06	$	(850,597	)		25,669,718	$	(0.03	)

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LOANS RECEIVABLE - Aggregate Balance of Loans by Loan Class Modified in Troubled Debt Restructurings (Detail) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2012 SecurityLoan	Jun. 30, 2012 SecurityLoan
Financing Receivable, Modifications [Line Items]
Number Of Loans	44	44
Outstanding Recorded Investment	$ 15,345,654	$ 15,590,705
Commercial and Industrial [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	2	2
Outstanding Recorded Investment	40,485	40,696
Consumer [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	0	0
Outstanding Recorded Investment		0
Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	20	20
Outstanding Recorded Investment	3,756,859	3,775,715
Non-Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	1	1
Outstanding Recorded Investment	49,594	53,993
Second Mortgage [Member] | 1-4 Family [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	5	5
Outstanding Recorded Investment	908,979	912,147
Second Mortgage [Member] | Multi-Family [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	0	0
Outstanding Recorded Investment		0
Second Mortgage [Member] | Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	0	0
Outstanding Recorded Investment		0
Home Equity Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	1	1
Outstanding Recorded Investment	63,782	63,782
Home Equity Investment Lines of Credit [Member] | 1-4 Family [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	0	0
Outstanding Recorded Investment		0
Construction Loans [Member] | 1-4 Family [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	0	0
Outstanding Recorded Investment		0
Construction Loans [Member] | Multi-Family [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	0	0
Outstanding Recorded Investment		0
Construction Loans [Member] | Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	0	0
Outstanding Recorded Investment		0
Construction Models/Speculative [Member] | 1-4 Family [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	0	0
Outstanding Recorded Investment		0
Multi-Family [Member] | Multi-Family [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	1	1
Outstanding Recorded Investment	294,893	297,979
Commercial [Member] | Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	12	12
Outstanding Recorded Investment	8,230,906	8,264,020
Lines of Credit [Member] | Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	0	0
Outstanding Recorded Investment		0
Lot Loans [Member] | Land Loans [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	0	0
Outstanding Recorded Investment		0
Acquisition and Development Loans [Member] | Land Loans [Member]
Financing Receivable, Modifications [Line Items]
Number Of Loans	2	2
Outstanding Recorded Investment	$ 2,000,156	$ 2,182,373

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REGULATORY MATTERS (Tables)

3 Months Ended

Sep. 30, 2012

Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations

At September 30, 2012, the Bank was in compliance with regulatory capital requirements as set forth below (dollars in thousands):

											To Be Well
						Required					Capitalized Under					Required Under
						For Capital					Prompt Corrective					Regulatory
	Actual					Adequacy Purposes					Action Regulations					Bank Order
	Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio
September 30, 2012
Total Capital to risk weighted assets	$	79,587		13.34	%	$	47,765		8.00	%	$	59,706		10.00	%		N/A		N/A
Tier 1 (Core) Capital to risk weighted assets		72,017		12.06	%		23,882		4.00	%		35,824		6.00	%		N/A		N/A
Tier 1 (Core) Capital to adjusted total assets		72,017		9.16	%		31,454		4.00	%		39,318		5.00	%		N/A		N/A
Tangible Capital to adjusted total assets		72,017		9.16	%		11,795		1.50	%		N/A		N/A			N/A		N/A

At June 30, 2012, the Bank was in compliance with regulatory capital requirements as set forth below (dollars in thousands):

											To Be Well
						Required					Capitalized Under					Required Under
						For Capital					Prompt Corrective					Regulatory
	Actual					Adequacy Purposes					Action Regulations					Bank Order
	Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio
June 30, 2012
Total Capital to risk weighted assets	$	77,932		13.10	%	$	47,605		8.00	%	$	59,506		10.00	%	$	71,407		12.00	%
Tier 1 (Core) Capital to risk weighted assets		70,387		11.83	%		23,802		4.00	%		35,704		6.00	%		N/A		N/A
Tier 1 (Core) Capital to adjusted total assets		70,387		8.74	%		32,224		4.00	%		40,280		5.00	%		64,448		8.00	%
Tangible Capital to adjusted total assets		70,387		8.74	%		12,084		1.50	%		N/A		N/A			N/A		N/A

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RELATED MATTERS

3 Months Ended

Sep. 30, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RELATED MATTERS

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RELATED MATTERS

The accounting and reporting policies of PVF Capital Corp. (the “Company”) conform to U.S. generally accepted accounting principles (“U.S. GAAP”) and general industry practice. The Company’s principal subsidiary, Park View Federal Savings Bank (the “Bank”) is primarily engaged in the business of offering deposits through the issuance of savings accounts, money market accounts, and certificates of deposit and lending funds primarily for the purchase, construction, and improvement of real estate in Cuyahoga, Summit, Geauga, Lake, Medina, Lorain and Portage Counties, Ohio. The deposit accounts of the Bank are insured up to applicable limits by the Federal Deposit Insurance Corporation (the “FDIC”). The following is a description of the significant policies which the Company follows in preparing and presenting its consolidated financial statements.

Basis of Presentation: The accompanying Unaudited Consolidated Financial Statements of PVF Capital Corp. have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by U.S. GAAP for annual financial statements and should be read in conjunction with PVF Capital Corp.’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012. These consolidated financial statements are prepared without audit and reflect all adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company at September 30, 2012, and its results of operations and cash flows for the periods presented. All such adjustments are normal and recurring in nature. The accounting principles used to prepare the consolidated financial statements are in compliance with U.S. GAAP. However, the financial statements were prepared in accordance with the instructions of Form 10-Q and, therefore, do not purport to contain all necessary financial and note disclosures required by U.S. GAAP.

Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, the Bank, PVF Service Corporation (“PVFSC”), Mid Pines Land Company, PVF Holdings, Inc., PVF Mortgage Corp. and PVF Community Development Corp. PVFSC owns certain premises and leases them to the Bank. Mid Pines Land Company, PVF Holdings, Inc., PVF Mortgage Corp. and PVF Community Development Corp. did not have any significant assets or activity as of or for the periods presented. All significant intercompany transactions and balances are eliminated in consolidation. In the period ended September 30, 2012, the Company reclassified certain loans between the loan portfolio segments and reclassified certain deposits between interest bearing and non-interest bearing as presented previously in the Company’s Annual Report on Form 10-K to conform to the current period presentation.

PVFSC and the Bank have entered into various nonconsolidated joint ventures that own real estate, including properties leased to the Bank. The Bank has created various limited liability companies that have taken title to property acquired through or in lieu of foreclosure.

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets

and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The allowance for loan losses, valuation of mortgage servicing rights, fair value of mortgage banking derivatives, valuation of loans held for sale, fair value of securities, valuation of other real estate owned, and the realizability of deferred tax assets are particularly susceptible to change.

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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Loans receivable, allowance	$ 16,135,640	$ 16,052,865
Serial preferred stock, par value	$ 0.01	$ 0.01
Serial preferred stock, shares authorized	1,000,000	1,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	65,000,000	65,000,000
Common stock, shares issued	26,392,195	26,217,796
Treasury stock at cost, shares	472,725	472,725

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RELATED MATTERS (Policies)

3 Months Ended

Sep. 30, 2012

Basis of Presentation

Basis of Presentation: The accompanying Unaudited Consolidated Financial Statements of PVF Capital Corp. have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by U.S. GAAP for annual financial statements and should be read in conjunction with PVF Capital Corp.’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012. These consolidated financial statements are prepared without audit and reflect all adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company at September 30, 2012, and its results of operations and cash flows for the periods presented. All such adjustments are normal and recurring in nature. The accounting principles used to prepare the consolidated financial statements are in compliance with U.S. GAAP. However, the financial statements were prepared in accordance with the instructions of Form 10-Q and, therefore, do not purport to contain all necessary financial and note disclosures required by U.S. GAAP.

Principles of Consolidation

Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, the Bank, PVF Service Corporation (“PVFSC”), Mid Pines Land Company, PVF Holdings, Inc., PVF Mortgage Corp. and PVF Community Development Corp. PVFSC owns certain premises and leases them to the Bank. Mid Pines Land Company, PVF Holdings, Inc., PVF Mortgage Corp. and PVF Community Development Corp. did not have any significant assets or activity as of or for the periods presented. All significant intercompany transactions and balances are eliminated in consolidation. In the period ended September 30, 2012, the Company reclassified certain loans between the loan portfolio segments and reclassified certain deposits between interest bearing and non-interest bearing as presented previously in the Company’s Annual Report on Form 10-K to conform to the current period presentation.

PVFSC and the Bank have entered into various nonconsolidated joint ventures that own real estate, including properties leased to the Bank. The Bank has created various limited liability companies that have taken title to property acquired through or in lieu of foreclosure.

Use of Estimates

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets

and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The allowance for loan losses, valuation of mortgage servicing rights, fair value of mortgage banking derivatives, valuation of loans held for sale, fair value of securities, valuation of other real estate owned, and the realizability of deferred tax assets are particularly susceptible to change.

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Document and Entity Information	3 Months Ended
	Sep. 30, 2012	Nov. 14, 2012
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Trading Symbol	PVFC
Entity Registrant Name	PVF CAPITAL CORP
Entity Central Index Key	0000928592
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		26,392,195

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SECURITIES (Tables)

3 Months Ended

Sep. 30, 2012

Amortized Cost and Fair Value of Securities Available for Sale and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss)

As of September 30, 2012 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:

	September 30, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
FNMA structured notes	$	2,000,000	$	3,600	$	0		$	2,003,600
Trust preferred and corporate securities		18,210,212		460,346		(13,562	)		18,656,997
Mortgage-backed GSE securities		17,247,156		387,506		(14,708	)		17,619,954
Total	$	37,457,369	$	851,452	$	(28,270	)	$	38,280,551
	June 30, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
FNMA structured notes	$	2,000,000	$	9,320	$	0		$	2,009,320
Trust preferred and corporate 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

Amortized Cost and Fair Value of Securities Available-for-Sale, by Contractual Maturity

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

	September 30, 2012
	Amortized
	Cost		Fair Value
One to five years	$	2,000,000	$	2,003,600
Five to ten years		5,037,865		5,102,220
Greater than 10 years		13,172,347		13,554,827
Mortgage-backed GSE securities		17,225,615		17,619,954
Total	$	37,435,828	$	38,280,551

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Interest and dividends income
Loans	$ 6,986,437	$ 7,104,267
Mortgage-backed securities	80,231	49,721
Federal Home Loan Bank stock dividends	135,374	127,760
Securities	141,238	24,217
Federal funds sold and interest-bearing deposits	68,295	92,498
Total interest and dividends income	7,411,575	7,398,463
Interest expense
Deposits	1,325,728	1,949,047
Long-term borrowings	270,706	272,440
Total interest expense	1,596,434	2,221,487
Net interest income	5,815,141	5,176,976
Provision for loan losses	1,050,000	1,500,000
Net interest income after provision for loan losses	4,765,141	3,676,976
Non-interest income
Service charges and other fees	180,392	178,818
Mortgage banking activities, net	3,126,247	1,010,165
Gain (loss) on sale of SBA loans	(3,686)	221,218
Increase in cash surrender value of bank-owned life insurance	47,466	62,699
Gain (loss) on real estate owned	(17,881)	140,112
Provision for real estate owned losses	(233,719)	(69,400)
Other, net	192,200	127,507
Total non-interest income	3,291,019	1,671,119
Non-interest expense
Compensation and benefits	3,109,759	2,894,698
Office occupancy and equipment	569,589	598,910
FDIC insurance	432,239	428,699
Professional and legal	120,000	115,000
Outside services	774,845	495,667
Franchise tax	196,707	225,428
Real estate owned and collection expense	385,504	613,859
Other	916,430	821,609
Total non-interest expense	6,505,073	6,193,870
Income (loss) before federal income taxes	1,551,087	(845,775)
Federal income tax provision (benefit)		(25,178)
Net income (loss)	$ 1,551,087	$ (820,597)
Basic earnings (loss) per share	$ 0.06	$ (0.03)
Diluted earnings (loss) per share	$ 0.06	$ (0.03)
Dividend declared per common share

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EARNINGS PER SHARE

3 Months Ended

Sep. 30, 2012

EARNINGS PER SHARE

NOTE 6 — EARNINGS PER SHARE

The following table discloses the income (loss) per share for the three months ended September 30, 2012 and September 30, 2011, respectively:

	Three months ended September 30,
	2012						2011
	Income				Per Share		Income					Per Share
	(Loss)		Shares		Amount		(Loss)			Shares		Amount
Basic EPS
Net income (loss)	$	1,551,087		25,832,271	$	0.06	$	(850,597	)		25,669,718	$	(0.03	)
Effect of dilutive securities—stock options and warrants	$	—		216,777	$	0.00	$	—			—	$	0.00
Diluted EPS
Net income (loss)	$	1,551,087		26,049,048	$	0.06	$	(850,597	)		25,669,718	$	(0.03	)

There were 235,496 and 618,338 options not considered in the diluted earnings per share calculation for the three months ended September 30, 2012 and 2011, respectively, because they were not dilutive as the exercise price is higher than the average stock price for the periods. There was no dilution attributable to stock options for the three months ended September 2011, since the Company was in a net loss position for the period.

Also included for consideration in the diluted earnings per share calculation for the three month period ended September 30, 2012 were warrants to acquire common shares issued as part of two separate exchange offerings. The warrants issued on September 3, 2009 include warrants to purchase 797,347 common shares, which expired on September 3, 2011. The warrants issued on March 16, 2010 include warrants to purchase 1,246,179 common shares and are exercisable at any time before March 16, 2015 at a price of $1.75 per share. The warrants issued on March 16, 2010 were considered for potential dilution for the three months ended September 30, 2012.

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STOCK BASED COMPENSATION

3 Months Ended

Sep. 30, 2012

STOCK BASED COMPENSATION

NOTE 5 — STOCK BASED COMPENSATION

The 2010 Equity Incentive Plan (the “2010 Plan”) replaced the 2008 Equity Incentive Plan and all remaining available shares from the 2008 Equity Incentive Plan were available for distribution under the 2010 Plan. Generally, the Company can issue incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock and other stock-based compensation under the 2010 Plan; Generally, for incentive stock options, a percentage of the options awarded become exercisable on the date of grant and on each anniversary date of grant. The option period expires ten years from the date of grant, except for awards to individuals who own more than 10% of the Company’s outstanding common shares. Incentive stock options awarded to individuals owning more than 10% of the Company’s outstanding common shares may only be granted if the exercise price of such incentive stock options is at least 110% of the fair market value on the date of grant and the term of such options must expire not later than five years from the date of grant.

Previously, nonqualified stock options have been granted to directors, which vest immediately. The option period expires ten years from the date of grant and the exercise price is the market price at the date of grant.

For the three months ended September 30, 2012, and 2011, compensation expense of $35,906 and $61,005, respectively, was recognized in the income statement related to the vesting of option awards.

As of September 30, 2012, there was $288,169 of compensation expense related to unvested awards not yet recognized in the consolidated financial statements. The weighted-average period over which this expense is to be recognized is 1.7 years.

The aggregate intrinsic value of all options outstanding at September 30, 2012 was $322,962. The aggregate intrinsic value of all options that were exercisable at September 30, 2012 was $71,865.

Options outstanding at September 30, 2012 were as follows:

	Outstanding				Exercisable
			Weighted				Weighted
Range of			Average				Average
Exercise			Remaining				Exercise
Price	Number		Life		Number		Price
$1.79 to $4.42		561,100		8.05		248,340	$	2.29
$8.32 to $13.64		177,456		2.30		195,494		11.05
Total		738,556		6.67		443,834	$	6.15

A summary of stock-based compensation activity for the three months ended September 30, 2012 is as follows:

	Three months ended
	September 30, 2012
	Total options outstanding
				Weighted-
				Average
				Exercise
	Shares			Price
Options outstanding, beginning of period		740,256		$	4.15
Forfeited		(7,200	)		3.06
Expired		(4,500	)		10.64
Exercised		—			—
Granted		10,000			1.96
Options outstanding, end of period		738,556		$	4.28
Options exercisable, end of period		443,834			6.15

The weighted-average remaining contractual life of options outstanding as of September 30, 2012 was 6.7 years. The weighted-average remaining contractual life of vested options outstanding as of September 30, 2012 was 4.7 years.

The fair value for stock options granted during the three months ended September 30, 2012, which consisted of individual grants in July and August 2012, were determined at the date of grant using a Black-Scholes options-pricing model and the following assumptions:

	September 30
	2012
Expected weighted average risk-free interest rate		0.81	%
Expected weighted average life (in years)		6.00
Expected volatility		60.00	%
Expected dividend yield		0.00	%

The weighted-average fair value of these grants was $1.10 per option. The expected average risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the life of the option. The expected average life represents the weighted-average period of time that options granted are expected to be outstanding giving consideration to vesting schedules, historical exercise and forfeiture patterns. Expected volatility is based on historical volatilities of the Company’s common shares. The expected dividend yield is based on historical information.

There were 420,790 restricted shares issued to directors and executive officers with a weighted average fair value of $1.84 per share at September 30, 2012. During the three months ended September 30, 2012, the Company issued 77,937 restricted stock awards to directors of the Company in connection with the reinstitution of a directors’ compensation plan. This grant received prior approval from the OCC. The total fair value of restricted shares issued at September 30, 2012 was $773,148. As of September 30, 2012, there was $370,729 of compensation expense related to unvested awards not yet recognized in the consolidated financial statements. The weighted-average period of time over which this expense is to be recognized was 1.77 years at September 30, 2012.

A summary of changes in the Company’s restricted shares for the three months ended September 30, 2012 is as follows:

				Weighted-
				Average
				Grant-Date
Nonvested Shares	Shares			Fair Value
Nonvested at July 1, 2012		162,333		$	303,537
Granted		77,937			157,432
Vested		(48,000	)		(90,240	)
Forfeited		—			—
Nonvested at September 30, 2012		192,270		$	370,729

There were 2,330,210 shares available for future issuance under the 2010 Plan at September 30, 2012.

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FAIR VALUE (Tables)

3 Months Ended

Sep. 30, 2012

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at September 30, 2012 and June 30, 2012, respectively, are summarized below:

			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	September 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available for sale:
FNMA structured note	$	2,003,600	$	—	$	2,003,600	$	—
Trust preferred and corporate securities		18,656,997		—		18,656,997		—
Mortgage-backed GSE securities		17,619,954		—		17,619,954		—
Loans held-for-sale		19,765,946		—		19,765,946		—
Interest rate-lock commitments		3,067,188		—		3,067,188		—
Liabilities:
Mandatory forward sales contracts		843,522		—		843,522		—
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	June 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available for sale:
FNMA structured note	$	2,009,320	$	—	$	2,009,320	$	—
Trust preferred and corportate securities		21,261,762		—		21,261,762		—
Mortgage-backed GSE securities		15,386,963				15,386,963
Loans held-for-sale		25,062,786		—		25,062,786		—
Interest rate-lock commitments		1,773,453		—		1,773,453		—
Liabilities:
Mandatory forward sales contracts		117,718		—		117,718		—

Assets Measured at Fair Value on Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis at September 30, 2012 and June 30, 2012, respectively are summarized below:

			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	September 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Impaired loans
1-4 Family	$	3,784,204	$	—	$	—	$	3,784,204
1-4 Family Construction		614,903		—		—		614,903
Multi-Family		5,720		—		—		5,720
Commercial Real Estate		5,201,249		—		—		5,201,249
Commercial Non-Real Estate		238,229		—		—		238,229
Land		3,938,058		—		—		3,938,058
Real estate owned
1-4 Family		2,256,177		—		—		2,256,177
Commercial Real Estate		2,136,191		—		—		2,136,191
Land		2,839,751		—		—		2,839,751
Impaired mortgage servicing rights		6,121,857		—		6,121,857		—

			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	June 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Impaired loans
1-4 Family	$	4,033,385	$	—	$	—	$	4,033,385
1-4 Family Construction		660,862		—		—		660,862
Multi-Family		324,974		—		—		324,974
Commercial Real Estate		5,688,747		—		—		5,688,747
Commercial Non-Real Estate		238,229		—		—		238,229
Land		4,223,074		—		—		4,223,074
Real estate owned
1-4 Family		2,042,573		—		—		2,042,573
Commercial Real Estate		923,262		—		—		923,262
Land		2,914,174		—		—		2,914,174
Impaired mortgage servicing rights		6,499,157		—		6,499,157		—

Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non-Recurring Basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2012:

	Fair value at September 30, 2012		Valuation Techniques	Unobservable Inputs	Range and (weighted Average)
Impaired loans	$	13,782,363	Appraisal value - sales comparison approach	Adjustment by management to reflect current conditions and selling costs	9% - 19%
Real estate owned		7,232,119	Appraisal value - sales comparison approach	Adjustment by management to reflect current conditions and selling costs	9% - 19%

Aggregate Fair Value, Contractual Balance (Including Accrued Interest), and Gain or Loss

As of September 30, 2012 and 2011, the aggregate fair value, contractual balance (including accrued interest), and gain or loss was as follows:

	2012		2011
Aggregate fair value	$	19,765,946	$	12,856,969
Contractual balance		19,114,838		12,443,953
Gain (loss)		651,108		413,016

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at September 30, 2012 are as follows:

	Carrying			Fair Value Measurements at September 30, 2012
	Value			Level 1			Level 2			Level 3		Total
	(dollars in thousands)
Assets:
Cash and amounts due from financial institutions	$	16,903		$	16,903		$	—		$	—	$	16,903
Interest-bearing deposits		97,672			97,672			—			—		97,672
Securities available for sale		38,281			—			38,281			—		38,281
Loans receivable, net		543,186			—			—			565,090		565,090
Loans receivable held for sale, net		19,766			—			19,766			—		19,766
Federal Home Loan Bank stock		12,811			N/A			N/A			N/A		N/A
Accrued interest receivable		2,142			—			126			2,016		2,142
Commitments to make loans intended to be sold		3,067			—			3,067			—		3,067
Liabilities:
Demand deposits and savings		(284,340	)		(284,340	)		—			—		(284,340	)
Time deposits		(361,810	)		—			(343,358	)		—		(343,358	)
Notes payable		(1,019	)		—			(1,019	)		—		(1,019	)
Advances from the Federal Home Loan Bank		(35,000	)		—			(37,173	)		—		(37,173	)
Mandatory forward sale contract		(844	)		—			(844	)		—		(844	)
Accrued interest payable		(127	)		(28	)		(99	)		—		(127	)

The carrying amount and estimated fair values of financial instruments at June 30, 2012 were as follows:

	Carrying			Fair Value Measurements at June 30, 2012
	Value			Level 1			Level 2			Level 3		Total
	(dollars in thousands)
Assets:
Cash and amounts due from financial institutions	$	5,841		$	5,841		$	—		$	—	$	5,841
Interest-bearing deposits		114,270			114,270			—			—		114,270
Securities available for sale		38,658			—			38,658			—		38,658
Loans receivable, net		541,628			—			—			569,603		569,603
Loans receivable held for sale, net		25,063			—			25,063			—		25,063
Federal Home Loan Bank stock		12,811			N/A			N/A			N/A		N/A
Accrued interest receivable		2,047			—			174			1,873		2,047
Commitments to make loans intended to be sold		1,773			—			1,773			—		1,773
Liabilities:
Demand deposits and savings		(271,412	)		(271,412	)		—			—		(271,412	)
Time deposits		(384,567	)		—			(385,872	)		—		(385,872	)
Notes payable		(1,046	)		—			(1,046	)		—		(1,046	)
Advances from the Federal Home Loan Bank		(35,000	)		—			(37,222	)		—		(37,222	)
Mandatory forward sale contract		(118	)		—			(118	)		—		(118	)
Accrued interest payable		(120	)		(112	)		(8	)		—		(120	)

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LOANS RECEIVABLE (Tables)

3 Months Ended

Sep. 30, 2012

Loans Receivable

Loans receivable at September 30, 2012, and June 30, 2012 consisted of the following:

	September 30,			June 30,
	2012			2012
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	59,297,788		$	58,743,933
1-4 Family Non-Owner Occupied		34,303,456			34,368,320
1-4 Family Second Mortgage		28,729,779			29,202,145
Home Equity Lines of Credit		64,933,215			65,908,899
Home Equity Investment Lines of Credit		5,267,763			5,645,851
One-to-Four Family Construction Loans:
1-4 Family Construction		1,341,302			514,052
1-4 Family Construction Models/Speculative		621,042			1,608,137
Multi-Family Loans:
Multi-Family		62,638,057			53,959,459
Multi-Family Second Mortgage		144,754			145,642
Multi-Family Construction		108,428			5,375,000
Commercial Real Estate Loans:
Commercial		198,023,597			198,287,457
Commercial Second Mortgage		4,799,704			5,750,283
Commercial Lines of Credit		22,656,803			22,335,619
Commercial Construction		9,126,892			7,732,736
Commercial and Industrial Loans		37,556,592			35,443,184
Land Loans:
Lot Loans		9,346,567			12,091,093
Acquisition and Development Loans		18,968,781			19,093,006
Consumer Loans		2,101,434			2,112,708
Total loans receivable		559,965,954			558,317,524
Net deferred loan origination fees		(644,038	)		(637,144	)
Allowance for loan losses		(16,135,640	)		(16,052,865	)
Total loans receivable, net	$	543,186,276		$	541,627,515

Allowance for Loan Losses by Portfolio Segment

The following table presents activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2012:

				One-to-Four						Commercial			Commercial
	One-to-Four			Family			Multi-			Real			and
	Family			Construction			Family			Estate			Industrial			Land			Consumer			Total
Beginning balance at June 30, 2012	$	5,765,276		$	305,312		$	1,903,138		$	5,084,179		$	928,043		$	2,057,301		$	9,616		$	16,052,865
Provision for loan losses		623,779			43,601			(766,960	)		943,294			312,966			(120,627	)		13,947			1,050,000
Charge-offs		(741,685	)		(45,959	)		—			(248,493	)		(12,500	)		(20,078	)		(13,000	)		(1,081,715	)
Recoveries		42,569			10,000			—			17,614			1,585			42,480			242			114,490
Ending balance at September 30, 2012	$	5,689,939		$	312,954		$	1,136,178		$	5,796,594		$	1,230,094		$	1,959,076		$	10,805		$	16,135,640

The following table presents activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2011:

				One-to-Four						Commercial			Commercial
	One-to-Four			Family			Multi-			Real			and
	Family			Construction			Family			Estate			Industrial			Land			Consumer		Total
Beginning balance at June 30, 2011	$	8,841,454		$	1,266,740		$	1,767,335		$	8,458,943		$	1,663,894		$	7,891,305		$	107,222	$	29,996,893
Provision for loan losses		(511,394	)		39,566			(360,444	)		949,896			493,657			728,029			160,690		1,500,000
Charge-offs		(476,158	)		(109,322	)		(236,663	)		(1,089,347	)		(29,609	)		(28,421	)		—		(1,969,520	)
Recoveries		4,765			—			—			19,271			1,755			—			—		25,791
Ending balance at September 30, 2011	$	7,858,667		$	1,196,984		$	1,170,228		$	8,338,763		$	2,129,697		$	8,590,913		$	267,912	$	29,553,164

Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment

The following table presents the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of September 30, 2012. The recorded investment in loans includes the unpaid principal balance and unamortized loan origination fees, but excludes accrued interest receivable which is not considered to be material.

			One-to-Four				Commercial		Commercial
	One-to-Four		Family		Multi-		Real		and
	Family		Construction		Family		Estate		Industrial		Land		Consumer		Total
Allowance for loan losses
Ending allowance balance attributable to loans
Individually evaluated for impairment	$	699,204	$	101,716	$	—	$	98,725	$	300,860	$	252,000	$	—	$	1,452,505
Collectively evaluated for impairment		4,990,735		211,238		1,136,178		5,697,869		929,234		1,707,076		10,805		14,683,135
Total ending allowance balance	$	5,689,939	$	312,954	$	1,136,178	$	5,796,594	$	1,230,094	$	1,959,076	$	10,805	$	16,135,640
Loans
Loans individually evaluated for impairment	$	12,208,532	$	833,904	$	300,254	$	11,851,912	$	540,441	$	6,763,662	$	—	$	32,498,705
Loans collectively evaluated for impairment		180,102,030		1,126,183		62,518,652		222,485,254		36,972,956		21,519,119		2,099,017		526,823,211
Total ending loans balance	$	192,310,562	$	1,960,087	$	62,818,906	$	234,337,166	$	37,513,397	$	28,282,781	$	2,099,017	$	559,321,916

The following table presents the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of June 30, 2012. The recorded investment in loans includes the unpaid principal balance and unamortized loan origination fees, but excludes accrued interest receivable which is not considered to be material.

			One-to-Four				Commercial		Commercial
	One-to-Four		Family		Multi-		Real		and
	Family		Construction		Family		Estate		Industrial		Land		Consumer		Total
Allowance for loan losses
Ending allowance balance attributable to loans
Individually evaluated for impairment	$	665,033	$	101,716	$	—	$	98,725	$	300,860	$	252,000	$	—	$	1,418,334
Collectively evaluated for impairment		5,100,243		203,596		1,903,138		4,985,454		627,183		1,805,301		9,616		14,634,531
Total ending allowance balance	$	5,765,276	$	305,312	$	1,903,138	$	5,084,179	$	928,043	$	2,057,301	$	9,616	$	16,052,865
Loans
Loans individually evaluated for impairment	$	13,243,350	$	880,749	$	622,228	$	11,902,730	$	740,297	$	7,189,109	$	—	$	34,578,463
Loans collectively evaluated for impairment		180,404,558		1,239,018		58,789,996		221,936,205		34,662,439		23,959,404		2,110,297		523,101,917
Total ending loans balance	$	193,647,908	$	2,119,767	$	59,412,224	$	233,838,935	$	35,402,736	$	31,148,513	$	2,110,297	$	557,680,380

Loans Individually Evaluated for Impairment by Class of Loan

The following table presents loans individually evaluated for impairment by class of loan as of September 30, 2012 and the average recorded investment and interest income recognized by class for the three months ended September 30, 2012:

	September 30, 2012
	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance (1)		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	5,878,741	$	5,075,565	$	0	$	5,373,322	$	0	$	0
1-4 Family Non-Owner Occupied		3,487,465		2,130,102		0		2,291,842		164		164
1-4 Family Second Mortgage		1,405,390		1,142,585		0		1,186,435		0		0
Home Equity Lines of Credit		1,751,282		1,749,268		0		1,790,931		0		0
Home Equity Investment Lines of Credit		157,122		156,941		0		156,942		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0				0		0
1-4 Family Construction Models/Speculative		678,779		308,146		0		331,566		0		0
Multi-Family Loans:
Multi-Family		312,714		300,254		0		461,241		0		0
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		10,366,525		9,239,212		0		9,262,945		43,972		43,972
Commercial Second Mortgage		0		0		0				0		0
Commercial Lines of Credit		613,910		613,204		0		614,870		0		0
Commercial Construction		828,491		643,855		0		643,859		0		0
Commercial and Industrial Loans		484,799		239,927		0		339,854		0		0
Land Loans:
Lot Loans		5,379,609		4,254,141		0		3,966,345		11,569		11,569
Acquisition and Development Loans		4,990,178		2,374,790		0		2,874,945		0		0
Consumer Loans		0		0		0		0		0		0
Total with no related allowance recorded	$	36,335,005	$	28,227,990	$	0	$	29,295,097	$	55,705	$	55,705
With an allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	231,051	$	230,786	$	39,982	$	231,635	$	0	$	0
1-4 Family Non-Owner Occupied		116,463		116,329		8,286		116,778		0		0
1-4 Family Second Mortgage		246,621		246,337		14,685		246,674		592		592
Home Equity Lines of Credit		963,762		962,653		338,080		928,753		0		0
Home Equity Investment Lines of Credit		398,424		397,966		298,171		402,629		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0		0		0		0
1-4 Family Construction Models/Speculative		526,363		525,758		101,716		525,760		7,062		7,062
Multi-Family Loans:
Multi-Family		0		0		0		0		0		0
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		1,357,202		1,355,641		98,725		1,355,647		0		0
Commercial Second Mortgage		0		0		0		0		0		0
Commercial Lines of Credit		0		0		0				0		0
Commercial Construction		0		0		0		0		0		0
Commercial and Industrial Loans		300,860		300,514		300,860		300,515		0		0
Land Loans:
Lot Loans		134,886		134,731		252,000		135,095		2,031		2,031
Acquisition and Development Loans		0		0		0		0		0		0
Consumer Loans		0		0		0		0		0		0
Total with an allowance recorded	$	4,275,632	$	4,270,715	$	1,452,505	$	4,243,486	$	9,685	$	9,685
Total loans evaluated for impairment	$	40,610,637	$	32,498,705	$	1,452,505	$	33,538,583	$	65,390	$	65,390

(1) There are $14.5 million of loans individually identified for impairment accruing interest.

The following table presents loans individually evaluated for impairment by class of loans as of June 30, 2012:

	June 30, 2012
	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance (1)		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	6,380,803	$	5,671,079	$	0	$	5,437,834	$	30,882	$	30,882
1-4 Family Non-Owner Occupied		4,597,708		2,453,581		0		3,503,049		48,828		48,828
1-4 Family Second Mortgage		1,455,914		1,230,284		0		1,374,161		3,958		3,958
Home Equity Lines of Credit		1,834,685		1,832,595		0		1,344,562		0		0
Home Equity Investment Lines of Credit		157,120		156,943		0		204,703		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0		52,573		4,821		4,821
1-4 Family Construction Models/Speculative		678,779		354,986		0		475,027		0		0
Multi-Family Loans:
Multi-Family		635,053		622,228		0		550,760		4,081		4,081
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		10,902,253		9,286,679		0		8,005,131		147,148		147,148
Commercial Second Mortgage		0		0		0		192,399		1,660		1,660
Commercial Lines of Credit		617,240		616,536		0		2,413,942		0		0
Commercial Construction		828,490		643,863		0		575,159		0		0
Commercial and Industrial Loans		801,075		439,781		0		2,335,961		662		662
Land Loans:
Lot Loans		5,235,050		3,678,550		0		2,955,360		5,519		5,519
Acquisition and Development Loans		5,986,575		3,375,100		0		2,258,295		19,132		19,132
Consumer Loans		0		0		0		0		0		0
Total with no related allowance recorded	$	40,110,745	$	30,362,205	$	0	$	31,678,916	$	266,691	$	266,691
With an allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	232,751	$	232,485	$	39,981	$	526,956	$	0	$	0
1-4 Family Non-Owner Occupied		117,360		117,226		8,286		1,243,154		10,112		10,112
1-4 Family Second Mortgage		247,293		247,011		14,685		175,881		0		0
Home Equity Lines of Credit		895,875		894,852		299,759		1,629,256		0		0
Home Equity Investment Lines of Credit		407,757		407,293		302,322		470,382		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		0		0		0
1-4 Family Construction Models/Speculative		526,363		525,762		101,716		1,064,520		14,047		14,047
Multi-Family Loans:
Multi-Family		0		0		0		92,056		0		0
Multi-Family Second Mortgage		0		0		0		0		0		0
Multi-Family Construction		0		0		0		0		0		0
Commercial Real Estate Loans:
Commercial		1,357,202		1,355,653		98,725		3,796,149		37,340		37,340
Commercial Second Mortgage		0		0		0		34,220		0		0
Commercial Lines of Credit		0		0		0		48,854		0		0
Commercial Construction		0		0		0		711,804		0		0
Commercial and Industrial Loans		300,860		300,517		300,860		1,404,807		0		0
Land Loans:
Lot Loans		135,614		135,459		252,000		962,537		0		0
Acquisition and Development Loans		0		0		0		2,397,176		0		0
Consumer Loans		0		0		0		0		0		0
Total with an allowance recorded	$	4,221,075	$	4,216,258	$	1,418,334	$	14,557,752	$	61,499	$	61,499
Total loans evaluated for impairment	$	44,331,820	$	34,578,463	$	1,418,334	$	46,236,668	$	328,190	$	328,190

(1) There are $13.9 million of loans individually identified for impairment accruing interest.

The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2011:

	September 30, 2011
	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance (1)		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	6,101,095	$	6,091,111	$	—	$	6,605,736	$	47,473	$	47,473
1-4 Family Non-Owner Occupied		2,845,537		2,840,881		—		1,998,029		7,295		7,295
1-4 Family Second Mortgage		1,517,563		1,515,080		—		1,279,294		107		107
Home Equity Lines of Credit		796,506		795,203		—		867,519		582		582
Home Equity Investment Lines of Credit		310,121		309,614		—		221,646		317		317
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		176,887		176,598		—		176,753		1,322		1,322
Multi-Family Loans:
Multi-Family		305,904		305,404		—		1,224,791		—		—
Multi-Family Second Mortgage		—		—		—		—		—		—
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		7,266,866		7,254,974		—		6,842,586		25,577		25,577
Commercial Second Mortgage		571,473		570,538		—		570,519		—		—
Commercial Lines of Credit		2,623,140		2,618,848		—		2,758,567		2,186		2,186
Commercial Construction		370,000		369,395		—		369,382		—		—
Commercial and Industrial Loans		2,559,945		2,555,755		—		2,057,142		—		—
Land Loans:
Lot Loans		1,344,192		1,341,993		—		1,153,055		807		807
Acquisition and Development Loans		109,818		109,638		—		274,431		—		—
Consumer Loans		—		—		—				—		—
Total with no related allowance recorded	$	26,899,047	$	26,855,032	$	—	$	26,399,450	$	85,666	$	85,666
With an allowance recorded
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	1,631,018	$	1,628,349	$	405,552	$	1,158,082	$	719	$	719
1-4 Family Non-Owner Occupied		4,625,921		4,618,352		1,924,308		4,747,990		3,565		3,565
1-4 Family Second Mortgage		457,261		456,513		224,653		361,465		—		—
Home Equity Lines of Credit		2,329,197		2,325,385		987,669		2,298,073		—		—
Home Equity Investment Lines of Credit		345,735		345,170		102,008		345,158		1,286		1,286
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		2,685,405		2,681,011		862,554		2,838,155		—		—
Multi-Family Loans:
Multi-Family		368,828		368,224		226,067		368,212		—		—
Multi-Family Second Mortgage		—		—		—		—		1,660		1,660
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		6,378,282		6,367,846		929,808		7,485,402		6,936		6,936
Commercial Second Mortgage		137,105		136,881		3,553		68,440		—		—
Commercial Lines of Credit		—		—		—		—		—		—
Commercial Construction		2,851,883		2,847,217		751,178		3,146,613		—		—
Commercial and Industrial Loans		3,279,788		3,274,422		1,041,066		2,456,243		2,920		2,920
Land Loans:
Lot Loans		3,202,019		3,196,779		1,291,302		3,084,307		6,742		6,742
Acquisition and Development Loans		9,604,420		9,588,705		4,810,417		9,826,391		24,176		24,176
Consumer Loans		—		—		—		—		—		—
Total with an allowance recorded	$	37,896,862	$	37,834,854	$	13,560,135	$	38,184,531	$	48,004	$	48,004
Total loans evaluated for impairment	$	64,795,909	$	64,689,886	$	13,560,135	$	64,583,981	$	133,670	$	133,670

(1) There are $17.0 million of loans individually identified for impairment accruing interest.

Recorded Investment in Non-Accrual Loans and Loans Past Due

The following table presents the recorded investment in non-accrual loans and loans past due over 90 days still on accrual by class of loan as of September 30, 2012 and June 30, 2012. Non-accrual loans and loans past due over 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.

	September 30, 2012				June 30, 2012
			Loans Past Due				Loans Past Due
			Over 90 Days				Over 90 Days
	Nonaccrual(1)		Still Accruing(2)		Nonaccrual(1)		Still Accruing(2)
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	2,293,702	$	—	$	2,871,746	$	—
1-4 Family Non-Owner Occupied		2,084,520		0		2,461,281		0
1-4 Family Second Mortgage		481,843		0		566,444		0
Home Equity Lines of Credit		2,715,044		0		2,727,447		0
Home Equity Investment Lines of Credit		555,545		0		564,235		0
One-to-Four Family Construction Loans:
1-4 Family Construction		—		0		0		0
1-4 Family Construction Models/Speculative		308,927		0		355,355		0
Multi-Family Loans:
Multi-Family		5,720		0		324,602		0
Multi-Family Second Mortgage		—		0		0		0
Multi-Family Construction		—		0		0		0
Commercial Real Estate Loans:
Commercial		3,146,513		0		3,310,170		0
Commercial Second Mortgage		—		0		0		0
Commercial Lines of Credit		613,910		0		616,537		0
Commercial Construction		644,808		0		644,072		0
Commercial and Industrial Loans		238,229		0		437,729		0
Land Loans:
Lot Loans		3,578,542		0		3,815,778		0
Acquisition and Development Loans		1,197,045		0		1,380,199		0
Consumer Loans		—		0		0		0
Total	$	17,864,348	$	—	$	20,075,595	$	—

(1) Non-accrual status denotes loans on which, in the opinion of management, the collection of additional interest is unlikely, or loans that meet the non-accrual criteria established by regulatory authorities. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the collectibility of the principal balance of the loan.

(2) At September 30, 2012 and June 30, 2012, the Company had balances of approximately $6.1 million and $6.3 million, respectively, in loans that have matured and continue to make current payments. These loans are not considered past due as a result of their payment status being current.

Aging of Recorded Investment in Past Due Loans

The following table presents the aging of the recorded investment in past due loans as of September 30, 2012 by class of loan. Performing loans are accruing loans less than 90 days past due. Nonperforming loans are all loans not accruing or greater than 90 days past due and accruing. At September 30, 2012, the Company had a balance of approximately $6.1 million in loans that were contractually past maturity but were not considered past due as a result of the payment status being current.

					Greater Than
	30-59 Days		60-89 Days		90 Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Performing Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	2,050,531	$	247,273	$	—	$	2,297,804	$	54,638,081	$	56,935,885
1-4 Family Non-Owner Occupied		16,284		—		—		16,284		32,163,198		32,179,482
1-4 Family Second Mortgage		273,583		—		—		273,583		27,941,310		28,214,893
Home Equity Lines of Credit		777,134		19,991		—		797,125		61,346,364		62,143,489
Home Equity Investment Lines of Credit		235,512		—		—		235,512		4,470,647		4,706,159
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		1,339,759		1,339,759
1-4 Family Construction Models/Speculative		—		—		—		—		311,401		311,401
Multi-Family Loans:
Multi-Family		235,540		—		—		235,540		62,324,755		62,560,295
Multi-Family Second Mortgage		—		—		—		—		144,588		144,588
Multi-Family Construction		—		—		—		—		108,303		108,303
Commercial Real Estate Loans:
Commercial		405,037		616,238		—		1,021,275		193,628,054		194,649,329
Commercial Second Mortgage		—		—		—		—		4,794,184		4,794,184
Commercial Lines of Credit		587,524		1,183,484		—		1,771,008		20,245,827		22,016,835
Commercial Construction		—		—		—		—		8,471,587		8,471,587
Commercial and Industrial Loans										37,275,168		37,275,168
Land Loans:
Lot Loans		14,622		95,903		—		110,525		5,646,750		5,757,275
Acquisition and Development Loans		—		—		—		—		17,749,919		17,749,919
Consumer Loans		—		—		—		—		2,099,017		2,099,017
Total Performing Loans	$	4,595,767	$	2,162,889	$	—	$	6,758,656	$	534,698,912	$	541,457,568
Nonperforming Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	—	$	—	$	2,036,669	$	2,036,669	$	257,033	$	2,293,702
1-4 Family Non-Owner Occupied		57,235		58,470		1,870,021		1,985,726		98,794		2,084,520
1-4 Family Second Mortgage		—		41,014		393,349		434,363		47,480		481,843
Home Equity Lines of Credit		119,966		—		2,249,808		2,369,774		345,270		2,715,044
Home Equity Investment Lines of Credit		84,536		—		471,009		555,545		—		555,545
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		—		—		190,256		190,256		118,671		308,927
Multi-Family Loans:
Multi-Family		—		—		5,720		5,720		—		5,720
Multi-Family Second Mortgage		—		—		—		—		—		—
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		—		—		3,013,679		3,013,679		132,834		3,146,513
Commercial Second Mortgage		—		—		—		—		—		—
Commercial Lines of Credit		—		—		494,972		494,972		118,938		613,910
Commercial Construction		—		—		644,808		644,808		—		644,808
Commercial and Industrial Loans		—		—		38,229		38,229		200,000		238,229
Land Loans:
Lot Loans		—		—		3,096,352		3,096,352		482,190		3,578,542
Acquisition and Development Loans		—		—		1,197,045		1,197,045		—		1,197,045
Consumer Loans		—		—		—		—		—		—
Total Nonperforming Loans	$	261,737	$	99,484	$	15,701,917	$	16,063,138	$	1,801,210	$	17,864,348
Total Loans	$	4,857,504	$	2,262,373	$	15,701,917	$	22,821,794	$	536,500,122	$	559,321,916

The following table presents the aging of the recorded investment in past due loans as of June 30, 2012 by class of loan. Performing loans are accruing loans less than 90 days past due. Nonperforming loans are all loans not accruing. At June 30, 2012, the Company had a balance of approximately $6.3 million in loans that were contractually past maturity but were not considered past due as a result of the payment status being current.

					Greater Than
	30-59 Days		60-89 Days		90 Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Performing Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	584,430	$	—	$	—	$	584,430	$	55,220,719	$	55,805,149
1-4 Family Non-Owner Occupied		375,660		303,667		—		679,327		31,188,492		31,867,819
1-4 Family Second Mortgage		14,221		—		—		14,221		28,588,155		28,602,376
Home Equity Lines of Credit		114,558		23,230		—		137,788		62,968,449		63,106,237
Home Equity Investment Lines of Credit		200,657		—		—		200,657		4,874,516		5,075,173
One-to-Four Family Construction Loans:
1-4 Family Construction		—		145,771		—		145,771		367,695		513,466
1-4 Family Construction Models/Speculative		—		—		—		—		1,250,946		1,250,946
Multi-Family Loans:
Multi-Family		—		—		—		—		53,573,280		53,573,280
Multi-Family Second Mortgage		—		—		—		—		145,476		145,476
Multi-Family Construction		—		—		—		—		5,368,866		5,368,866
Commercial Real Estate Loans:
Commercial		744,536		—		—		744,536		194,006,468		194,751,004
Commercial Second Mortgage		—		—		—		—		5,743,721		5,743,721
Commercial Lines of Credit		—		—		—		—		21,693,593		21,693,593
Commercial Construction		—		—		—		—		7,079,839		7,079,839
Commercial and Industrial Loans		—		—		—		—		34,965,008		34,965,007
Land Loans:
Lot Loans		—		—		—		—		8,261,518		8,261,518
Acquisition and Development Loans		—		—		—		—		17,691,018		17,691,018
Consumer Loans		—		58,394		—		58,394		2,051,903		2,110,297
Total Performing Loans	$	2,034,062	$	531,062	$	—	$	2,565,124	$	535,039,662	$	537,604,785
Nonperforming Loans
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	105,333	$	—	$	2,124,062	$	2,229,395	$	642,351	$	2,871,746
1-4 Family Non-Owner Occupied		—		—		2,405,774		2,405,774		55,507		2,461,281
1-4 Family Second Mortgage		—		—		499,154		499,154		67,290		566,444
Home Equity Lines of Credit		14,607		—		2,371,962		2,386,569		340,878		2,727,447
Home Equity Investment Lines of Credit		—		134,195		430,041		564,236		—		564,236
One-to-Four Family Construction Loans:
1-4 Family Construction		—		—		—		—		—		—
1-4 Family Construction Models/Speculative		—		—		235,945		235,945		119,410		355,355
Multi-Family Loans:
Multi-Family		—		—		324,602		324,602		—		324,602
Multi-Family Second Mortgage		—		—		—		—		—		—
Multi-Family Construction		—		—		—		—		—		—
Commercial Real Estate Loans:
Commercial		—		—		3,166,992		3,166,992		143,178		3,310,170
Commercial Second Mortgage		—		—		—		—		—		—
Commercial Lines of Credit		—		122,129		494,407		616,536		—		616,536
Commercial Construction		—		—		644,072		644,072		—		644,072
Commercial and Industrial Loans		—		—		237,957		237,957		199,772		437,729
Land Loans:
Lot Loans		—		—		3,144,721		3,144,721		671,057		3,815,778
Acquisition and Development Loans		—		—		1,380,199		1,380,199		—		1,380,199
Consumer Loans		—		—		—		—		—		—
Total Nonperforming Loans	$	119,940	$	256,324	$	17,459,888	$	17,836,152	$	2,239,443	$	20,075,595
Total Loans	$	2,154,002	$	787,386	$	17,459,888	$	20,401,276	$	537,279,105	$	557,680,380

Aggregate Balance of Loans by Loan Class Modified in Troubled Debt Restructurings

The following table presents the aggregate balance of loans by loan class whose terms have been modified in troubled debt restructurings as of September 30, 2012 and June 30, 2012:

			Outstanding				Outstanding
			Recorded				Recorded
	Number		Investment		Number		Investment
	of Loans		9/30/2012		of Loans		6/30/2012
Troubled Debt Restructurings:
One-to-Four Family Loans:
1-4 Family Owner Occupied		20	$	3,756,859		20	$	3,775,715
1-4 Family Non-Owner Occupied		1		49,594		1		53,993
1-4 Family Second Mortgage		5		908,979		5		912,147
Home Equity Lines of Credit		1		63,782		1		63,782
Home Equity Investment Lines of Credit		0		—		0		0
One-to-Four Family Construction Loans:
1-4 Family Construction		0		—		0		0
1-4 Family Construction Models/Speculative		0		—		0		0
Multi-Family Loans:
Multi-Family		1		294,893		1		297,979
Multi-Family Second Mortgage		0		—		0		0
Multi-Family Construction		0		—		0		0
Commercial Real Estate Loans:
Commercial		12		8,230,906		12		8,264,020
Commercial Second Mortgage		0		—		0		0
Commercial Lines of Credit		0		—		0		0
Commercial Construction		0		—		0		0
Commercial and Industrial Loans		2		40,485		2		40,696
Land Loans:
Lot Loans		0		—		0		0
Acquisition and Development Loans		2		2,000,156		2		2,182,373
Consumer Loans		0		—		0		0
Total		44	$	15,345,654		44	$	15,590,705

Summary of Activity for Troubled Debt Restructured Loans

The summary of activity for troubled debt restructured loans for the three months ending September 30, 2012 was as follows:

	Three months ended
	September 30, 2012
Troubled Debt Restructurings:
Beginning Balance	$	15,590,705
Additions		—
Charge-offs		(3,688	)
Payoffs or pay downs		(241,363	)
Ending Balance	$	15,345,654

Loans by Class Modified as Troubled Debt Restructurings

The following table presents loans, by classes, which were modified during the three months ended September 30, 2012. All modifications during the three months ended September 30, 2012 were limited to loans which were already classified as troubled debt restructurings and involved an extension of the maturity dates and were for periods ranging from 12 months to 24 months.

	September 30, 2012
			Pre-Modification		Post-Modification
	Number		Outstanding Recorded		Outstanding Recorded
	of Loans		Investment		Investment
Troubled Debt Restructurings:
1-4 Family Owner Occupied		0		0		0
1-4 Family Non-Owner Occupied		0		0		0
Commercial Real Estate		1	$	1,283,869	$	1,283,869
Commercial Second Mortgage		0		0		0
Acquisition and Development		1		816,672		816,672
Total		2	$	2,100,541	$	2,100,541

The following table presents loans by class modified as troubled debt restructurings that occurred during the three-month period ended September 30, 2011:

	September 30, 2011
			Pre-Modification		Post-Modification
	Number		Outstanding Recorded		Outstanding Recorded
	of Loans		Investment		Investment
Troubled Debt Restructurings:
Commercial Real Estate		1	$	295,362	$	295,362
Commercial and Industrial		1		44,149		44,149
Total		2	$	339,511	$	339,511

Loans by Class Modified as Troubled Debt Restructurings Payment Default

The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the period ended September 30, 2011:

			Pre-Modification		Post-Modification
	Number		Outstanding Recorded		Outstanding Recorded
	of Loans		Investment		Investment
Troubled Debt Restructurings:
1-4 Family Non-Owner Occupied		13	$	1,050,206	$	1,050,206
Home Equity Lines of Credit		1		63,782		63,782
Total		14	$	1,113,988	$	1,113,988

Analysis Performed by Company, Risk Category of Loans

As of September 30, 2012, and based on the most recent analysis performed by the Company, the risk category of loans by class of loan was as follows:

			Special
	Pass(1)		Mention		Substandard		Doubtful		Total
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	56,662,038	$	0	$	2,567,550	$	0	$	59,229,588
1-4 Family Non-Owner Occupied		30,693,293		1,108,211		2,462,498		0		34,264,002
1-4 Family Second Mortgage		27,762,887		205,384		728,464		0		28,696,735
Home Equity Lines of Credit		62,045,109		49,585		2,763,839		0		64,858,533
Home Equity Investment Lines of Credit		4,312,353		200,846		748,505		0		5,261,704
One-to-Four Family Construction Loans:
1-4 Family Construction		1,030,832		0		308,927		0		1,339,759
1-4 Family Construction Models/Speculative		93,964		0		526,364		0		620,328
Multi-Family Loans:
Multi-Family		61,448,233		1,112,062		5,720		0		62,566,015
Multi-Family Second Mortgage		144,588		0		0		0		144,588
Multi-Family Construction		108,303		0		0		0		108,303
Commercial Real Estate Loans:
Commercial		182,950,964		3,389,855		11,455,022		0		197,795,841
Commercial Second Mortgage		4,794,184		0		0		0		4,794,184
Commercial Lines of Credit		19,724,964		0		2,905,781		0		22,630,745
Commercial Construction		8,471,587		0		644,808		0		9,116,395
Commercial and Industrial Loans		36,356,799		87,877		1,068,721		0		37,513,397
Land Loans:
Lot Loans		4,901,956		38,650		4,395,212		0		9,335,818
Acquisition and Development Loans		17,367,339		0		1,579,625		0		18,946,964
Consumer Loans		2,099,017		0		0		0		2,099,017
Total	$	520,968,410	$	6,192,470	$	32,161,036	$	0	$	559,321,916

(1) There are $2.1 million in non-homogeneous loans which are subject to individual review for risk rating included in the pass risk category based on payment status as they have not yet been individually reviewed.

As of June 30, 2012, and based on the most recent analysis performed by the Company, the risk category of loans by class of loan was as follows:

			Special
	Pass(1)		Mention		Substandard		Doubtful		Total
One-to-Four Family Loans:
1-4 Family Owner Occupied	$	55,526,297	$	0	$	3,150,598	$	—	$	58,676,895
1-4 Family Non-Owner Occupied		30,621,009		1,117,122		2,590,969		—		34,329,100
1-4 Family Second Mortgage		28,147,735		206,701		814,384		—		29,168,820
Home Equity Lines of Credit		63,030,206		49,585		2,753,893		—		65,833,684
Home Equity Investment Lines of Credit		4,828,651		200,886		609,872		—		5,639,409
One-to-Four Family Construction Loans:
1-4 Family Construction		513,466		0		0		—		513,466
1-4 Family Construction Models/Speculative		724,177		0		882,124		—		1,606,301
Multi-Family Loans:
Multi-Family		52,448,152		1,124,756		324,974		—		53,897,882
Multi-Family Second Mortgage		145,476		0		0		—		145,476
Multi-Family Construction		5,368,866		0		0		—		5,368,866
Commercial Real Estate Loans:
Commercial		183,422,738		3,100,295		11,538,141		—		198,061,174
Commercial Second Mortgage		5,743,721		0		0		—		5,743,721
Commercial Lines of Credit		19,401,017		0		2,909,112		—		22,310,129
Commercial Construction		7,079,104		0		644,807		—		7,723,911
Commercial and Industrial Loans		34,042,381		91,634		1,268,721		—		35,402,736
Land Loans:
Lot Loans		8,217,784		39,374		3,820,138		—		12,077,296
Acquisition and Development Loans		16,486,141		0		2,585,076		—		19,071,217
Consumer Loans		2,110,297		0		0		—		2,110,297
Total	$	517,857,218	$	5,930,353	$	33,892,809	$	—	$	557,680,380

(1) There are $2.6 million in non-homogeneous loans which are subject to individual review for risk rating included in the pass risk category based on payment status as they have not yet been individually reviewed.

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REGULATORY MATTERS

3 Months Ended

Sep. 30, 2012

REGULATORY MATTERS

NOTE 9 — REGULATORY MATTERS

The Company and the Bank are subject to various regulatory capital requirements, which are now administered by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and the Office of the Comptroller of the Currency (“OCC”). Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by banking regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Prompt corrective action regulations provide five classifications: well capitalized; adequately capitalized; undercapitalized; significantly undercapitalized; and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category.

Federal regulations require savings institutions to maintain certain minimum levels of regulatory capital. An institution that fails to comply with its regulatory capital requirements must obtain approval of a capital plan and can be subject to a capital directive and certain restrictions on its operations. At September 30, 2012, the adjusted total minimum regulatory capital regulations require institutions to have a minimum tangible capital to adjusted total assets ratio of 1.5%; a minimum leverage ratio of core (Tier 1) capital to adjusted total assets of 4.0%; a minimum ratio of core (Tier 1) capital to risk-weighted assets of 4.0%; and a minimum ratio of total capital to risk-weighted assets of 8.0%. At September 30, 2012 and 2011, respectively, the Bank exceeded all of the aforementioned regulatory capital requirements. For more information, please see Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources.

On October 19, 2009, the Company and the Bank each entered into a Stipulation and Consent to the Issuance of Order to Cease and Desist with the Office of Thrift Supervision (the “OTS”), whereby the Company and the Bank each consented to the issuance of an Order to Cease and Desist (the “Company Order” and the “Bank Order”) without admitting or denying that grounds existed for the OTS to initiate an administrative proceeding against the Company or the Bank. Effective July 21, 2011, the OCC and the Federal Reserve Board succeeded to all powers, authorities, rights, and duties of the OTS relating to the enforcement of the Bank and Company Orders, respectively, as a result of the regulatory transition under the Dodd-Frank Wall Street Reform and Consumer Protection. On August 27, 2012, the Bank was released from the Bank Order.

The Company Order requires the Company to take several actions, including, but not limited to: (i) submit a capital plan that includes, among other things, (1) the establishment of a minimum tangible capital ratio of tangible equity capital to total tangible assets commensurate with the Company’s consolidated risk profile, and (2) specific plans to reduce the risks to the Company from its current debt levels and debt servicing requirements; (ii) not declare, make or pay any cash dividends or other capital distributions or purchase, repurchase or redeem or commit to purchase, repurchase or redeem Company equity stock without the prior non-objection of the OTS, except that this provision does not apply to immaterial capital stock redemptions that arise in the normal course of the Company’s business in connection with its stock-based compensation plans; and (iii) not incur, issue, renew, roll over or increase any debt or commit to do so without the prior non-objection of the OTS (debt includes loans, bonds, cumulative preferred stock, hybrid capital instruments such as subordinated debt or trust preferred securities, and guarantees of debt).

The Company Order also imposes certain on-going reporting obligations and additional restrictions on severance and indemnification payments, changes in directors and management, employment agreements and compensation arrangements that the Company may enter into, third-party service contracts and transactions with affiliates.

At September 30, 2012, the Company believes it is in compliance with all requirements of the Order that are required to date. The Company Order will remain in effect until terminated, modified, or suspended in writing.

Regulations limit capital distributions by savings institutions. Generally, capital distributions are limited to undistributed net income for the current and prior two years. At September 30, 2012, the Bank was not allowed to make any capital distributions without regulatory approval.

At September 30, 2012, the Bank was in compliance with regulatory capital requirements as set forth below (dollars in thousands):

											To Be Well
						Required					Capitalized Under					Required Under
						For Capital					Prompt Corrective					Regulatory
	Actual					Adequacy Purposes					Action Regulations					Bank Order
	Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio
September 30, 2012
Total Capital to risk weighted assets	$	79,587		13.34	%	$	47,765		8.00	%	$	59,706		10.00	%		N/A		N/A
Tier 1 (Core) Capital to risk weighted assets		72,017		12.06	%		23,882		4.00	%		35,824		6.00	%		N/A		N/A
Tier 1 (Core) Capital to adjusted total assets		72,017		9.16	%		31,454		4.00	%		39,318		5.00	%		N/A		N/A
Tangible Capital to adjusted total assets		72,017		9.16	%		11,795		1.50	%		N/A		N/A			N/A		N/A

At June 30, 2012, the Bank was in compliance with regulatory capital requirements as set forth below (dollars in thousands):

											To Be Well
						Required					Capitalized Under					Required Under
						For Capital					Prompt Corrective					Regulatory
	Actual					Adequacy Purposes					Action Regulations					Bank Order
	Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio
June 30, 2012
Total Capital to risk weighted assets	$	77,932		13.10	%	$	47,605		8.00	%	$	59,506		10.00	%	$	71,407		12.00	%
Tier 1 (Core) Capital to risk weighted assets		70,387		11.83	%		23,802		4.00	%		35,704		6.00	%		N/A		N/A
Tier 1 (Core) Capital to adjusted total assets		70,387		8.74	%		32,224		4.00	%		40,280		5.00	%		64,448		8.00	%
Tangible Capital to adjusted total assets		70,387		8.74	%		12,084		1.50	%		N/A		N/A			N/A		N/A

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REGULATORY MATTERS - Schedule of Information on Capital Ratios (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2012	Jun. 30, 2012
Regulatory Matters [Line Items]
Total Capital to risk weighted assets, Amount	$ 79,587	$ 77,932
Tier 1 (Core) Capital to risk weighted assets, Amount	72,017	70,387
Tier 1 (Core) Capital to adjusted total assets, Amount	72,017	70,387
Tangible Capital to adjusted total assets, Amount	72,017	70,387
Total Capital to risk weighted assets, Ratio	13.34%	13.10%
Tier 1 (Core) Capital to risk weighted assets, Ratio	12.06%	11.83%
Tier 1 (Core) Capital to adjusted total assets, Ratio	9.16%	8.74%
Tangible Capital to adjusted total assets, Ratio	9.16%	8.74%
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes, Amount	47,765	47,605
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes, Amount	23,882	23,802
Tier 1 (Core) Capital to adjusted total assets, Required For Capital Adequacy Purposes, Amount	31,454	32,224
Tangible Capital to adjusted total assets, Required For Capital Adequacy Purposes, Amount	11,795	12,084
Total Capital to risk weighted assets, Required For Capital Adequacy Purposes, Ratio	8.00%	8.00%
Tier 1 (Core) Capital to risk weighted assets, Required For Capital Adequacy Purposes, Ratio	4.00%	4.00%
Tier 1 (Core) Capital to adjusted total assets, Required For Capital Adequacy Purposes, Ratio	4.00%	4.00%
Tangible Capital to adjusted total assets, Required For Capital Adequacy Purposes, Ratio	1.50%	1.50%
Total Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations, Amount	59,706	59,506
Tier 1 (Core) Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations, Amount	35,824	35,704
Tier 1 (Core) Capital to adjusted total assets, To Be Well Capitalized Under Prompt Corrective Action Regulations, Amount	39,318	40,280
Tangible Capital to adjusted total assets, Required For Capital Adequacy Purposes, Amount
Total Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations, Ratio	10.00%	10.00%
Tier 1 (Core) Capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Action Regulations, Ratio	6.00%	6.00%
Tier 1 (Core) Capital to adjusted total assets, To Be Well Capitalized Under Prompt Corrective Action Regulations, Ratio	5.00%	5.00%
Tangible Capital to adjusted total assets, To Be Well Capitalized Under Prompt Corrective Action Regulations, Ratio
Total Capital to risk weighted assets, Required Under Regulatory Bank Order, Amount		71,407
Tier 1 (Core) Capital to risk weighted assets, Required Under Regulatory Bank Order, Amount
Tier 1 (Core) Capital to adjusted total assets, Required Under Regulatory Bank Order, Amount		64,448
Tangible Capital to adjusted total assets, Required Under Regulatory Bank Order, Amount
Total Capital to risk weighted assets, Required Under Regulatory Bank Order, Ratio		12.00%
Tier 1 (Core) Capital to risk weighted assets, Required Under Regulatory Bank Order, Ratio
Tier 1 (Core) Capital to adjusted total assets, Required Under Regulatory Bank Order, Ratio		8.00%
Tangible Capital to adjusted total assets, Required Under Regulatory Bank Order, Ratio

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FAIR VALUE

3 Months Ended

Sep. 30, 2012

FAIR VALUE

NOTE 7 – FAIR VALUE

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the company has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted market prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use to price an asset or liability.

The Company used the following methods and significant assumptions to estimate fair value.

Securities and mortgage-backed securities. The fair value of securities available for sale is determined by obtaining quoted market prices on nationally recognized securities exchanges, if available (Level 1 inputs). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities. The fair value of mortgage-backed securities is determined through matrix pricing. This is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

Loans held for sale at fair value. The fair value of loans held for sale, which consist of single-family residential loans, is determined using quoted secondary market prices, adjusted for specific attributes of that loan or other observable data, such as outstanding commitments from third party investors (Level 2 inputs).

Mortgage banking pipeline derivatives. The fair value of loan commitments is measured using current market rates for the associated mortgage loans (Level 2 inputs). The fair value of mandatory forward sales contracts is measured using secondary market pricing for similar product types (Level 2 inputs).

Impaired loans. The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available as well as type and status of the property. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value.

Other real estate owned. Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate owned are measured at fair value, less costs to sell. Fair values are based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data approach. Such adjustments are usually significant and typically result in a level 3 classification of the inputs for determining fair value.

Appraisals for both collateral dependent impaired loans and other real estate owned are performed by certified general appraisers for commercial properties or certified residential appraisers for residential properties, whose qualifications and licenses have been reviewed and verified by the Company. When the appraisals are received, Credit Administration reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. The Company currently utilizes a 9% discount for selling costs and it is applied to all properties, regardless of size. This discount is supported by the Company’s most recent analysis. Also, an additional 10% discount is applied to properties with appraisals performed greater than 12 months ago.

Loan Servicing Rights. On a quarterly basis, loan servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. If the carrying amount on an individual tranche exceeds fair value, impairment is recorded on that tranche so that the servicing asset is carried at fair value. Fair value is determined at a tranche level based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data (Level 2).

Assets and liabilities measured at fair value on a recurring basis at September 30, 2012 and June 30, 2012, respectively, are summarized below:

			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	September 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available for sale:
FNMA structured note	$	2,003,600	$	—	$	2,003,600	$	—
Trust preferred and corporate securities		18,656,997		—		18,656,997		—
Mortgage-backed GSE securities		17,619,954		—		17,619,954		—
Loans held-for-sale		19,765,946		—		19,765,946		—
Interest rate-lock commitments		3,067,188		—		3,067,188		—
Liabilities:
Mandatory forward sales contracts		843,522		—		843,522		—
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	June 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available for sale:
FNMA structured note	$	2,009,320	$	—	$	2,009,320	$	—
Trust preferred and corportate securities		21,261,762		—		21,261,762		—
Mortgage-backed GSE securities		15,386,963				15,386,963
Loans held-for-sale		25,062,786		—		25,062,786		—
Interest rate-lock commitments		1,773,453		—		1,773,453		—
Liabilities:
Mandatory forward sales contracts		117,718		—		117,718		—

There were no transfers between Level 1 and Level 2 in the period ended September 30, 2012 or June 30, 2012. The Company's policy is to transfer assets or liabilities from one level to another when the methodology to obtain the fair value changes such that there are more or fewer unobservable inputs.

Assets measured at fair value on a nonrecurring basis at September 30, 2012 and June 30, 2012, respectively are summarized below:

			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	September 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Impaired loans
1-4 Family	$	3,784,204	$	—	$	—	$	3,784,204
1-4 Family Construction		614,903		—		—		614,903
Multi-Family		5,720		—		—		5,720
Commercial Real Estate		5,201,249		—		—		5,201,249
Commercial Non-Real Estate		238,229		—		—		238,229
Land		3,938,058		—		—		3,938,058
Real estate owned
1-4 Family		2,256,177		—		—		2,256,177
Commercial Real Estate		2,136,191		—		—		2,136,191
Land		2,839,751		—		—		2,839,751
Impaired mortgage servicing rights		6,121,857		—		6,121,857		—

			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	June 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Impaired loans
1-4 Family	$	4,033,385	$	—	$	—	$	4,033,385
1-4 Family Construction		660,862		—		—		660,862
Multi-Family		324,974		—		—		324,974
Commercial Real Estate		5,688,747		—		—		5,688,747
Commercial Non-Real Estate		238,229		—		—		238,229
Land		4,223,074		—		—		4,223,074
Real estate owned
1-4 Family		2,042,573		—		—		2,042,573
Commercial Real Estate		923,262		—		—		923,262
Land		2,914,174		—		—		2,914,174
Impaired mortgage servicing rights		6,499,157		—		6,499,157		—

Impaired loans that are measured for impairment using the fair value of the collateral for collateral dependent loans had a principal balance of $23.3 million after the application of impaired charge-offs and impaired recasting of $8.0 million, with a specific valuation allowance of $1.4 million at September 30, 2012. At June 30, 2012, impaired loans that are measured for impairment using the fair value of the collateral for collateral dependent loans had a principal balance of $26.3 million after the application of impaired charge-offs of $9.7 million, with a specific valuation allowance of $1.4 million. The provision for loan losses related to changes in the fair value of impaired loans was $.1 million and $2.5 million for the three months ended September 30, 2012 and 2011, respectively.

Tranches of mortgage servicing rights carried at fair value totaled $6.1 million, which is made up of the outstanding balance of $7.5 million, net of a valuation allowance of $1.4 million at September 30, 2012. During the three months ended September 30, 2012 and 2011, the Company recognized an impairment charge of $0.6 million and $0.7 million respectively. Tranches of mortgage servicing rights carried at fair value totaled $6.5 million, which is made up of the outstanding balance of $7.3 million, net of a valuation allowance of $0.8 million at June 30, 2012. Mortgage servicing rights are valued by an independent third party that is active in purchasing and selling these instruments. The value reflects the characteristics of the underlying loans discounted at a market multiple.

Other real estate owned which is maintained at fair value less costs to sell, had a net carrying amount of $7,232,119 and $7,733,578 at September 30, 2012, and June 30, 2012, respectively. The carrying amount of other real estate owned is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying amount exceeds the fair value, less estimated selling costs. For the three months ended September 30, 2012, the Company recognized a net loss of $17,881 on the disposal of other real estate owned compared to the gain of $140,112 recognized for three months ended September 30, 2011. The Company also recorded a provision for other real estate owned losses of $233,719 and $69,400 for the quarters ended September 30, 2012 and 2011, respectively. These direct write-downs recognized for the period are the result of obtaining updated appraisal valuations and reflect declining property values while holding the asset. The Company values all other real estate owned by obtaining updated appraisal valuations every twelve months. There have been no upward adjustments made in determining fair value.

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2012:

	Fair value at September 30, 2012		Valuation Techniques	Unobservable Inputs	Range and (weighted Average)
Impaired loans	$	13,782,363	Appraisal value - sales comparison approach	Adjustment by management to reflect current conditions and selling costs	9% - 19%
Real estate owned		7,232,119	Appraisal value - sales comparison approach	Adjustment by management to reflect current conditions and selling costs	9% - 19%

The Company has elected the fair value option for loans held for sale. These loans are intended for sale and are hedged with derivative instruments, and the Company believes the fair value is the best indicator of the valuation of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of these loans are 90 days or more past due or on nonaccrual as of September 30, 2012 and 2011.

As of September 30, 2012 and 2011, the aggregate fair value, contractual balance (including accrued interest), and gain or loss was as follows:

	2012		2011
Aggregate fair value	$	19,765,946	$	12,856,969
Contractual balance		19,114,838		12,443,953
Gain (loss)		651,108		413,016

The total amount of gains (losses) from changes in fair value included in earnings for the period ended September 30, 2011 and 2012 for loans held for sale were $231,052 and $(87,634) respectively.

The carrying amounts and estimated fair values of financial instruments at September 30, 2012 are as follows:

	Carrying			Fair Value Measurements at September 30, 2012
	Value			Level 1			Level 2			Level 3		Total
	(dollars in thousands)
Assets:
Cash and amounts due from financial institutions	$	16,903		$	16,903		$	—		$	—	$	16,903
Interest-bearing deposits		97,672			97,672			—			—		97,672
Securities available for sale		38,281			—			38,281			—		38,281
Loans receivable, net		543,186			—			—			565,090		565,090
Loans receivable held for sale, net		19,766			—			19,766			—		19,766
Federal Home Loan Bank stock		12,811			N/A			N/A			N/A		N/A
Accrued interest receivable		2,142			—			126			2,016		2,142
Commitments to make loans intended to be sold		3,067			—			3,067			—		3,067
Liabilities:
Demand deposits and savings		(284,340	)		(284,340	)		—			—		(284,340	)
Time deposits		(361,810	)		—			(343,358	)		—		(343,358	)
Notes payable		(1,019	)		—			(1,019	)		—		(1,019	)
Advances from the Federal Home Loan Bank		(35,000	)		—			(37,173	)		—		(37,173	)
Mandatory forward sale contract		(844	)		—			(844	)		—		(844	)
Accrued interest payable		(127	)		(28	)		(99	)		—		(127	)

The carrying amount and estimated fair values of financial instruments at June 30, 2012 were as follows:

	Carrying			Fair Value Measurements at June 30, 2012
	Value			Level 1			Level 2			Level 3		Total
	(dollars in thousands)
Assets:
Cash and amounts due from financial institutions	$	5,841		$	5,841		$	—		$	—	$	5,841
Interest-bearing deposits		114,270			114,270			—			—		114,270
Securities available for sale		38,658			—			38,658			—		38,658
Loans receivable, net		541,628			—			—			569,603		569,603
Loans receivable held for sale, net		25,063			—			25,063			—		25,063
Federal Home Loan Bank stock		12,811			N/A			N/A			N/A		N/A
Accrued interest receivable		2,047			—			174			1,873		2,047
Commitments to make loans intended to be sold		1,773			—			1,773			—		1,773
Liabilities:
Demand deposits and savings		(271,412	)		(271,412	)		—			—		(271,412	)
Time deposits		(384,567	)		—			(385,872	)		—		(385,872	)
Notes payable		(1,046	)		—			(1,046	)		—		(1,046	)
Advances from the Federal Home Loan Bank		(35,000	)		—			(37,222	)		—		(37,222	)
Mandatory forward sale contract		(118	)		—			(118	)		—		(118	)
Accrued interest payable		(120	)		(112	)		(8	)		—		(120	)

The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is involved in interpreting market data so as to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange and may not necessarily be the exit price. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The Company used the following methods and assumptions to estimate fair value for items not described above:

Cash and amounts due from financial institutions, interest-bearing deposits, and federal funds sold. The carrying amount is a reasonable estimate of fair value because of the short maturity of these instruments and therefore are classified as Level 1.

Loans receivable. For performing variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values resulting in a level 3 classification. For other performing loans receivable, fair value is estimated by discounting contractual cash flows adjusted for prepayment estimates using discount rates based on secondary market sources adjusted to reflect differences in servicing and credit costs resulting in a level 3 classification.

Federal Home Loan Bank stock. It was not practical to determine the fair value of FHLB stock due to

restrictions placed on its transferability.

Accrued interest receivable and accrued interest payable. The carrying amount is a reasonable estimate of the fair value. The fair value level classification is consistent with the related final instrument.

Demand deposits and time deposits. The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date resulting in a level 1 classification. The fair value of fixed-maturity certificates of deposit is estimated using discounted cash flows and rates currently offered for deposits of similar remaining maturities resulting in a level 2 classification.

Note payable. The carrying amount is a reasonable estimate of the fair value resulting in a level 2 classification.

Federal Home Loan Bank Advance. The fair value of the Company’s FHLB debt is estimated based on the current rates offered to the Company for debt of the same remaining maturities resulting in a level 2 classification.

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NOTE PAYABLE

3 Months Ended

Sep. 30, 2012

NOTE PAYABLE

NOTE 8 —NOTE PAYABLE

On November 24, 2008, one of the Company’s subsidiaries obtained a $1.4 million dollar loan from another financial institution with a principal balance of $1,019,445 as of September 30, 2012. The loan was a refinance of a line of credit loan and is collateralized by the Company’s Solon, Ohio headquarters building. The note carries a variable interest rate that adjusts to The Wall Street Journal published prime lending rate plus 50 basis points. The loan required the payment of interest only for nine months and then converted to an amortizing loan for a term of 15 years. At September 30, 2012, the interest rate was 3.80%.

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FEDERAL INCOME TAXES

3 Months Ended

Sep. 30, 2012

FEDERAL INCOME TAXES

NOTE 10 — FEDERAL INCOME TAXES

Management recorded net deferred tax assets at September 30, 2012 of $4.2 million. A valuation allowance is established to reduce the deferred tax asset if it is more likely than not that the related tax benefits will not be realized. In management’s opinion, it is more likely than not that the tax benefits will not be realized; consequently, a full valuation allowance was established as of June 30, 2011. When determining the amount of deferred tax assets that are more-likely-than-not to be realized, and therefore recorded as a benefit, the Company conducts a regular assessment of all available information. This information includes, but is not limited to, taxable income in prior periods, projected future income, and projected future reversals of deferred tax items. Based on these criteria, the Company determined that it was necessary to carry a valuation allowance against deferred tax assets of $4.2 million at September 30, 2012 to reduce the carrying amount of the Company’s net deferred tax asset to zero. At June 30, 2012, the Company recorded a deferred tax asset of $4.8 million with a valuation allowance of $4.8 million reducing the carrying amount of the Company’s net deferred tax asset to zero.

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LOANS RECEIVABLE - Aging of Recorded Investment in Past Due Loans (Detail) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	$ 4,857,504	$ 2,154,002
60-89 Days Past Due	2,262,373	787,386
Greater Than 90 Days Past Due	15,701,917	17,459,888
Total Past Due	22,821,794	20,401,276
Loans Not Past Due	536,500,122	537,279,105
Total	559,321,916	557,680,380
Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	4,595,767	2,034,062
60-89 Days Past Due	2,162,889	531,062
Greater Than 90 Days Past Due
Total Past Due	6,758,656	2,565,124
Loans Not Past Due	534,698,912	535,039,662
Total	541,457,568	537,604,785
Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	261,737	119,940
60-89 Days Past Due	99,484	256,324
Greater Than 90 Days Past Due	15,701,917	17,459,888
Total Past Due	16,063,138	17,836,152
Loans Not Past Due	1,801,210	2,239,443
Total	17,864,348	20,075,595
Multi-Family [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Greater Than 90 Days Past Due	5,720	324,602
Total Past Due	5,720	324,602
Total	5,720	324,602
Commercial Real Estate [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Greater Than 90 Days Past Due	3,013,679	3,166,992
Total Past Due	3,013,679	3,166,992
Loans Not Past Due	132,834	143,178
Total	3,146,513	3,310,170
Commercial and Industrial [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due
60-89 Days Past Due
Greater Than 90 Days Past Due
Total Past Due
Loans Not Past Due	37,275,168	34,965,008
Total	37,275,168	34,965,007
Commercial and Industrial [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Greater Than 90 Days Past Due	38,229	237,957
Total Past Due	38,229	237,957
Loans Not Past Due	200,000	199,772
Total	238,229	437,729
Consumer [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due
60-89 Days Past Due		58,394
Greater Than 90 Days Past Due
Total Past Due		58,394
Loans Not Past Due	2,099,017	2,051,903
Total	2,099,017	2,110,297
Consumer [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due
60-89 Days Past Due
Greater Than 90 Days Past Due
Total Past Due
Loans Not Past Due
Total
Owner Occupied [Member] | 1-4 Family [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	2,050,531	584,430
60-89 Days Past Due	247,273
Greater Than 90 Days Past Due
Total Past Due	2,297,804	584,430
Loans Not Past Due	54,638,081	55,220,719
Total	56,935,885	55,805,149
Owner Occupied [Member] | 1-4 Family [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due		105,333
60-89 Days Past Due
Greater Than 90 Days Past Due	2,036,669	2,124,062
Total Past Due	2,036,669	2,229,395
Loans Not Past Due	257,033	642,351
Total	2,293,702	2,871,746
Non-Owner Occupied [Member] | 1-4 Family [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	16,284	375,660
60-89 Days Past Due		303,667
Total Past Due	16,284	679,327
Loans Not Past Due	32,163,198	31,188,492
Total	32,179,482	31,867,819
Non-Owner Occupied [Member] | 1-4 Family [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	57,235
60-89 Days Past Due	58,470
Greater Than 90 Days Past Due	1,870,021	2,405,774
Total Past Due	1,985,726	2,405,774
Loans Not Past Due	98,794	55,507
Total	2,084,520	2,461,281
Second Mortgage [Member] | 1-4 Family [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	273,583	14,221
Total Past Due	273,583	14,221
Loans Not Past Due	27,941,310	28,588,155
Total	28,214,893	28,602,376
Second Mortgage [Member] | 1-4 Family [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due
60-89 Days Past Due	41,014
Greater Than 90 Days Past Due	393,349	499,154
Total Past Due	434,363	499,154
Loans Not Past Due	47,480	67,290
Total	481,843	566,444
Second Mortgage [Member] | Multi-Family [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans Not Past Due	144,588	145,476
Total	144,588	145,476
Second Mortgage [Member] | Multi-Family [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due
60-89 Days Past Due
Greater Than 90 Days Past Due
Total Past Due
Loans Not Past Due
Total
Second Mortgage [Member] | Commercial Real Estate [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans Not Past Due	4,794,184	5,743,721
Total	4,794,184	5,743,721
Second Mortgage [Member] | Commercial Real Estate [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due
60-89 Days Past Due
Greater Than 90 Days Past Due
Total Past Due
Loans Not Past Due
Total
Home Equity Lines of Credit [Member] | 1-4 Family [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	777,134	114,558
60-89 Days Past Due	19,991	23,230
Total Past Due	797,125	137,788
Loans Not Past Due	61,346,364	62,968,449
Total	62,143,489	63,106,237
Home Equity Lines of Credit [Member] | 1-4 Family [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	119,966	14,607
60-89 Days Past Due
Greater Than 90 Days Past Due	2,249,808	2,371,962
Total Past Due	2,369,774	2,386,569
Loans Not Past Due	345,270	340,878
Total	2,715,044	2,727,447
Home Equity Investment Lines of Credit [Member] | 1-4 Family [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	235,512	200,657
Total Past Due	235,512	200,657
Loans Not Past Due	4,470,647	4,874,516
Total	4,706,159	5,075,173
Home Equity Investment Lines of Credit [Member] | 1-4 Family [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	84,536
60-89 Days Past Due		134,195
Greater Than 90 Days Past Due	471,009	430,041
Total Past Due	555,545	564,236
Total	555,545	564,236
Construction Loans [Member] | 1-4 Family [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
60-89 Days Past Due		145,771
Total Past Due		145,771
Loans Not Past Due	1,339,759	367,695
Total	1,339,759	513,466
Construction Loans [Member] | 1-4 Family [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due
60-89 Days Past Due
Greater Than 90 Days Past Due
Total Past Due
Loans Not Past Due
Total
Construction Loans [Member] | Multi-Family [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due
60-89 Days Past Due
Greater Than 90 Days Past Due
Total Past Due
Loans Not Past Due	108,303	5,368,866
Total	108,303	5,368,866
Construction Loans [Member] | Multi-Family [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due
60-89 Days Past Due
Greater Than 90 Days Past Due
Total Past Due
Loans Not Past Due
Total
Construction Loans [Member] | Commercial Real Estate [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due
60-89 Days Past Due
Greater Than 90 Days Past Due
Total Past Due
Loans Not Past Due	8,471,587	7,079,839
Total	8,471,587	7,079,839
Construction Loans [Member] | Commercial Real Estate [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Greater Than 90 Days Past Due	644,808	644,072
Total Past Due	644,808	644,072
Total	644,808	644,072
Construction Models/Speculative [Member] | 1-4 Family [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans Not Past Due	311,401	1,250,946
Total	311,401	1,250,946
Construction Models/Speculative [Member] | 1-4 Family [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Greater Than 90 Days Past Due	190,256	235,945
Total Past Due	190,256	235,945
Loans Not Past Due	118,671	119,410
Total	308,927	355,355
Multi-Family [Member] | Multi-Family [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	235,540
Total Past Due	235,540
Loans Not Past Due	62,324,755	53,573,280
Total	62,560,295	53,573,280
Commercial [Member] | Commercial Real Estate [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	405,037	744,536
60-89 Days Past Due	616,238
Total Past Due	1,021,275	744,536
Loans Not Past Due	193,628,054	194,006,468
Total	194,649,329	194,751,004
Lines of Credit [Member] | Commercial Real Estate [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	587,524
60-89 Days Past Due	1,183,484
Greater Than 90 Days Past Due
Total Past Due	1,771,008
Loans Not Past Due	20,245,827	21,693,593
Total	22,016,835	21,693,593
Lines of Credit [Member] | Commercial Real Estate [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
60-89 Days Past Due		122,129
Greater Than 90 Days Past Due	494,972	494,407
Total Past Due	494,972	616,536
Loans Not Past Due	118,938
Total	613,910	616,536
Lot Loans [Member] | Land Loans [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due	14,622
60-89 Days Past Due	95,903
Greater Than 90 Days Past Due
Total Past Due	110,525
Loans Not Past Due	5,646,750	8,261,518
Total	5,757,275	8,261,518
Lot Loans [Member] | Land Loans [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Greater Than 90 Days Past Due	3,096,352	3,144,721
Total Past Due	3,096,352	3,144,721
Loans Not Past Due	482,190	671,057
Total	3,578,542	3,815,778
Acquisition and Development Loans [Member] | Land Loans [Member] | Performing Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days Past Due
60-89 Days Past Due
Greater Than 90 Days Past Due
Loans Not Past Due	17,749,919	17,691,018
Total	17,749,919	17,691,018
Acquisition and Development Loans [Member] | Land Loans [Member] | Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Greater Than 90 Days Past Due	1,197,045	1,380,199
Total Past Due	1,197,045	1,380,199
Total	$ 1,197,045	$ 1,380,199

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EARNING PER SHARE - Additional Information (Detail) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended
	Mar. 16, 2010	Sep. 03, 2009	Sep. 30, 2012	Sep. 30, 2011
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive shares excluded from earnings per share			235,496	618,338
Common stock warrants purchased	1,246,179	797,347
Common stock exercisable price	$ 1.75

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STOCK BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2012

Options Outstanding

Options outstanding at September 30, 2012 were as follows:

	Outstanding				Exercisable
			Weighted				Weighted
Range of			Average				Average
Exercise			Remaining				Exercise
Price	Number		Life		Number		Price
$1.79 to $4.42		561,100		8.05		248,340	$	2.29
$8.32 to $13.64		177,456		2.30		195,494		11.05
Total		738,556		6.67		443,834	$	6.15

Summary of Stock-Based Compensation Activity

A summary of stock-based compensation activity for the three months ended September 30, 2012 is as follows:

	Three months ended
	September 30, 2012
	Total options outstanding
				Weighted-
				Average
				Exercise
	Shares			Price
Options outstanding, beginning of period		740,256		$	4.15
Forfeited		(7,200	)		3.06
Expired		(4,500	)		10.64
Exercised		—			—
Granted		10,000			1.96
Options outstanding, end of period		738,556		$	4.28
Options exercisable, end of period		443,834			6.15

Weighted Average Assumptions Used in Determining Fair Value for Options Granted

The fair value for stock options granted during the three months ended September 30, 2012, which consisted of individual grants in July and August 2012, were determined at the date of grant using a Black-Scholes options-pricing model and the following assumptions:

	September 30
	2012
Expected weighted average risk-free interest rate		0.81	%
Expected weighted average life (in years)		6.00
Expected volatility		60.00	%
Expected dividend yield		0.00	%

Summary of Changes in Restricted Stock

A summary of changes in the Company’s restricted shares for the three months ended September 30, 2012 is as follows:

				Weighted-
				Average
				Grant-Date
Nonvested Shares	Shares			Fair Value
Nonvested at July 1, 2012		162,333		$	303,537
Granted		77,937			157,432
Vested		(48,000	)		(90,240	)
Forfeited		—			—
Nonvested at September 30, 2012		192,270		$	370,729

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SECURITIES - Amortized Cost and Fair Value of Securities Available-for-Sale, by Contractual Maturity (Detail) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Schedule of Available-for-sale Securities [Line Items]
One to five years	$ 2,000,000
Five to ten years	5,037,865
Greater than 10 years	13,172,347
Mortgage-backed GSE securities	17,225,615
Total	37,457,369	38,058,061
One to five years	2,003,600
Five to ten years	5,102,220
Greater than 10 years	13,554,827
Mortgage-backed GSE securities	17,619,954
Total	$ 38,280,551	$ 38,658,044

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STOCK BASED COMPENSATION - Summary of Changes in Restricted Stock (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested at July 1, 2012, shares	162,333
Granted	77,937
Vested	(48,000)
Forfeited
Nonvested at September 30, 2012, shares	192,270
Nonvested, Weighted-Average Grant-Date Fair Value	$ 303,537
Granted, Weighted-Average Grant-Date Fair Value	$ 157,432
Vested, Weighted-Average Grant-Date Fair Value	$ (90,240)
Forfeited, Weighted-Average Grant-Date Fair Value
Nonvested, Weighted-Average Grant-Date Fair Value	$ 370,729

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MORTGAGE BANKING ACTIVITIES - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2012	Jun. 30, 2012
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Loans Held For Sale	$ 19,765,946	$ 25,062,786
Amount of fair value of loans held for sale exceeded unpaid principal balance	651,108	738,742
Mortgage loan servicing portfolio	1,000,000,000
Interest rate-lock commitments	74,101,724	65,996,365
Fair value of estimated commitments	3,067,188	1,773,453
Contracts to sell mortgage loans	65,021,613	69,150,472
Fair value of sale of mortgage loan contracts	$ (843,522)	$ (117,718)

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Net income (loss)	$ 1,551,087	$ (820,597)
Other comprehensive income (loss), net of tax
Unrealized holding gains (loss) on available for sale securities	147,312	48,874
Reclassification adjustment for (gains) included in net income
Tax effect
Total other comprehensive income (loss)	147,312	48,874
Total comprehensive income (loss)	$ 1,698,399	$ (771,723)

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MORTGAGE BANKING ACTIVITIES

3 Months Ended

Sep. 30, 2012

MORTGAGE BANKING ACTIVITIES

NOTE 4 — MORTGAGE BANKING ACTIVITIES

Loans held for sale at September 30, 2012 and June 30, 2012 were $19,765,946 and $25,062,786, respectively.

The Company utilizes the fair value option for accounting for its loans held for sale. The fair value of loans held for sale exceeded the unpaid principal balance of these loans by $651,108 and $738,742 as of September 30, 2012 and June 30, 2012, respectively. The gain on loans held for sale as of September 30, 2012 was reported as gain on sale of mortgage loans on the consolidated statement of operations. Interest on loans held for sale was reported in interest income.

The Company services real estate loans for investors that are not included in the accompanying consolidated financial statements. Mortgage servicing rights are established based on the fair value of servicing rights retained on loans originated by the Company and subsequently sold in the secondary market. Mortgage servicing rights are included in the consolidated statements of financial condition under the caption “Prepaid expenses and other assets.” At September 30, 2012, the mortgage loan servicing portfolio was approximately $1.0 billion.

Originated mortgage servicing rights capitalized and amortized during the three months ended September 30, 2012 and 2011 were as follows:

	Three months ended
	September 30
	2012			2011
Servicing rights:
Beginning of period	$	6,867,334		$	7,519,287
Additions		1,548,248			520,263
Amortized to expense		(972,306	)		(773,379	)
Change in valuation allowance		(604,179	)		(698,468	)
End of period	$	6,839,097		$	6,567,703

Activity in the valuation allowance for mortgage servicing rights over the three months ended September 30, 2012, as compared with the same periods during 2011, were as follows:

	Three months ended			Three months ended
	September 30, 2012			September 30, 2011
Balance, beginning of period	$	(816,481	)	$	(304,001	)
Impairment charges		(604,179	)		(698,468	)
Impairment recoveries		—			—
Balance, end of period	$	(1,420,660	)	$	(1,002,469	)

Mortgage banking activities for the three months ended September 30, 2012 and 2011, net consisted of the following:

	Three months ended
	September 30
	2012			2011
Mortgage loan servicing fees	$	671,611		$	654,577
Amortization of mortgage loan servicing rights		(972,306	)		(773,379	)
Impairment of mortgage loan servicing rights		(604,179	)		(698,468	)
Mortgage loan servicing (loss), net		(904,874	)		(817,270	)
Changes in fair value of loans held for sale		(87,634	)		231,052
Changes in fair value of mortgage banking derivatives		567,931			748,776
Realized gains on sale of loans		3,550,824			847,607
Gain on the sale of mortgage loans	$	4,031,121		$	1,827,435

The above amounts do not include non-interest expense related to mortgage banking activities.

At September 30, 2012 and June 30, 2012, the Company had interest rate-lock commitments on $74,101,724 and $65,996,365, respectively, of loans intended for sale in the secondary market. These commitments are considered to be free-standing derivatives and the change in fair value is recorded in the consolidated financial statements. The fair value of these commitments as of September 30, 2012 and June 30, 2012 was estimated to be $3,067,188 and $1,773,453, respectively, as a reduction of accrued expenses and other liabilities in the consolidated statements of financial position. In order to mitigate the interest rate risk represented by these interest rate-lock commitments, the Company entered into contracts to sell mortgage loans of $65,021,613 and $69,150,472 as of September 30, 2012 and June 30, 2012,

respectively. These contracts are also considered to be free-standing derivatives and the change in fair value is also recorded in the consolidated financial statements. The fair value of these contracts at September 30, 2012 and June 30, 2012 were estimated to be $(843,522) and $(117,718) respectively. These amounts were netted against the fair value of interest rate-lock commitments recorded in accrued expenses and other liabilities. Changes in fair value for both types of derivatives are reported in mortgage banking activities in the consolidated statements of operations.

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NOTE PAYABLE - Additional Information (Detail) (USD $)	Sep. 30, 2012
Borrowing from financial institution	$ 1,400,000
Principal amount of borrowings	$ 1,019,445
Debt instruments basis points	50.00%
Term loan period	15 years
Term loan interest rate	3.80%

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SECURITIES - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Sep. 30, 2012
FNMA mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities maturity date	Nov. 09, 2016
Federal Home Loan Bank [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities pledged as collateral for contingent funding	14.6

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LOANS RECEIVABLE - Loans by Class Modified as Troubled Debt Restructurings (Detail) (USD $)	3 Months Ended
	Sep. 30, 2012 SecurityLoan	Sep. 30, 2011 SecurityLoan
Financing Receivable, Modifications [Line Items]
Number of Loans	2	2
Pre-Modification Outstanding Recorded Investment	$ 2,100,541	$ 339,511
Post-Modification Outstanding Recorded Investment	2,100,541	339,511
Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans		1
Pre-Modification Outstanding Recorded Investment		295,362
Post-Modification Outstanding Recorded Investment		295,362
Commercial and Industrial [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans		1
Pre-Modification Outstanding Recorded Investment		44,149
Post-Modification Outstanding Recorded Investment		44,149
Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	0
Pre-Modification Outstanding Recorded Investment	0
Post-Modification Outstanding Recorded Investment	0
Non-Owner Occupied [Member] | 1-4 Family [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	0
Pre-Modification Outstanding Recorded Investment	0
Post-Modification Outstanding Recorded Investment	0
Commercial [Member] | Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	1
Pre-Modification Outstanding Recorded Investment	1,283,869
Post-Modification Outstanding Recorded Investment	1,283,869
Second Mortgage [Member] | Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	0
Pre-Modification Outstanding Recorded Investment	0
Post-Modification Outstanding Recorded Investment	0
Acquisition and Development Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	1
Pre-Modification Outstanding Recorded Investment	816,672
Post-Modification Outstanding Recorded Investment	$ 816,672

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MORTGAGE BANKING ACTIVITIES (Tables)

3 Months Ended

Sep. 30, 2012

Originated Mortgage Servicing Rights Capitalized and Amortized

Originated mortgage servicing rights capitalized and amortized during the three months ended September 30, 2012 and 2011 were as follows:

	Three months ended
	September 30
	2012			2011
Servicing rights:
Beginning of period	$	6,867,334		$	7,519,287
Additions		1,548,248			520,263
Amortized to expense		(972,306	)		(773,379	)
Change in valuation allowance		(604,179	)		(698,468	)
End of period	$	6,839,097		$	6,567,703

Activity in Valuation Allowance for Mortgage Servicing Rights

Activity in the valuation allowance for mortgage servicing rights over the three months ended September 30, 2012, as compared with the same periods during 2011, were as follows:

	Three months ended			Three months ended
	September 30, 2012			September 30, 2011
Balance, beginning of period	$	(816,481	)	$	(304,001	)
Impairment charges		(604,179	)		(698,468	)
Impairment recoveries		—			—
Balance, end of period	$	(1,420,660	)	$	(1,002,469	)

Mortgage Banking Activities

Mortgage banking activities for the three months ended September 30, 2012 and 2011, net consisted of the following:

	Three months ended
	September 30
	2012			2011
Mortgage loan servicing fees	$	671,611		$	654,577
Amortization of mortgage loan servicing rights		(972,306	)		(773,379	)
Impairment of mortgage loan servicing rights		(604,179	)		(698,468	)
Mortgage loan servicing (loss), net		(904,874	)		(817,270	)
Changes in fair value of loans held for sale		(87,634	)		231,052
Changes in fair value of mortgage banking derivatives		567,931			748,776
Realized gains on sale of loans		3,550,824			847,607
Gain on the sale of mortgage loans	$	4,031,121		$	1,827,435