Note 9 - Employee Benefits

3 Months Ended

Dec. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 9: Employee Benefits

The Company has a stock option plan which allows for stock option awards of the Company’s common stock to eligible directors and key employees of the Company. The option price is determined by a committee of the board of directors at the time of the grant and may not be less than 100% of the market value of the common stock on the date of the grant. When granted, the options vest over periods up to four or five years from grant date or upon death, disability, or qualified retirement. All options must be exercised within a 10 year period from grant date. The Company may grant either incentive stock options, which qualify for special federal income tax treatment, or nonqualified stock options, which do not receive such tax treatment. The Company’s stockholders have authorized 707,943 shares for the plan of which 73,628 have been issued upon the exercise of the option granted under the plan, 559,025 are granted and outstanding with the remaining 75,290 shares available to be granted at December 31, 2012.

No shares were granted during the quarter ended December 31, 2012. 

The following table summarizes activity for shares under option and weighted average exercise price per share:

	Shares		Weighted average exercise price/share		Weighted average remaining life (years)
Options outstanding- September 30, 2012		559,025	$	10.54		8
Options exercised		—		—		—
Options forfeited		—		—		—
Options granted		—		—		—
Options outstanding- December 31, 2012		559,025	$	10.54		8
Options exercisable – December 31, 2012		—		—		—

The stock price at December 31, 2012 was less than or equal to the exercise prices of options outstanding and exercisable and therefore had no intrinsic value except for 221,500 shares issued in 2010 and 2011 with an intrinsic value of $169,570.

Stock option expense was $32,083 and $23,717 for the three months ended December 31, 2012 and 2011, respectively.  The following table summarizes information about the options outstanding at December 31, 2012:

Number outstanding at December 31, 2012		Weighted average remaining contractual life in years		Exercise price per share
	337,525		6	$	11.00
	150,000		8		10.20
	54,500		8		9.00
	13,000		9		9.15
	4,000		9		9.72
	559,025

The Company has a recognition and retention plan which has been authorized to grant up to 283,177 shares of restricted stock to key employees and directors. The Company has established a grantor trust to purchase these common shares of the Company in the open market or in private transactions. The grantor trust has not purchased previously authorized but unissued shares from the Company. The grantor trust has purchased all of the 283,177 shares that have been authorized.   As of December 31, 2012, 57,280 shares remain in the trust and are disclosed as treasury stock in the consolidated statements of financial condition. Of the 57,280 shares remaining in the trust, 23,891 shares have been granted and are not yet vested and 33,389 shares are available for grants.

	Shares		Weighted average grant date fair value per award
Unvested restricted stock awards-September 30, 2012		23,891	$	15.53
Granted		—		—
Vested		—		—
Cancelled or expired		—		—
Unvested restricted stock awards-December 31, 2012		23,891	$	15.53

All grants prior to October 1, 2005 vest at the earlier of the scheduled vesting or death, disability, or qualified retirement which is generally age 65 or age 55 with 10 years of service. All grants prior to October 1, 2005 are expensed to the scheduled vesting date. Grants between October 1, 2005 and January 1, 2009 will be expensed to the earlier of scheduled vesting or substantive vesting which is when the recipient becomes qualified for retirement which is generally age 65 or age 55 with ten years of service. Grants subsequent to January 1, 2009 will be expensed to the earlier of scheduled vesting or substantive vesting which is when the recipient becomes qualified for retirement at age 65.