MORTGAGE BANKING ACTIVITIES (Tables)

12 Months Ended

Jun. 30, 2012

Originated Mortgage Servicing Rights Capitalized and Amortized

Originated mortgage servicing rights capitalized and amortized during the years ended June 30, 2012, 2011 and 2010 were as follows:

	2012			2011			2010
Servicing rights:
Beginning of period	$	7,519,287		$	6,960,969		$	6,097,861
Additions		3,473,077			3,862,505			2,912,205
Amortized to expense		(3,612,550	)		(3,000,186	)		(2,049,097	)
Change in valuation allowance for impairment		(512,480	)		(304,001	)		—
End of period	$	6,867,334		$	7,519,287		$	6,960,969

Activity in Valuation Allowance for Mortgage Servicing Rights

Activity in the valuation allowance for mortgage servicing rights over the years ended June 30, 2012, 2011 and 2010 was as follows:

	2012			2011			2010
Balance, beginning of period	$	(304,001	)	$	—		$	—
Impairment charges		(698,468	)		(1,183,799	)		—
Impairment recoveries		185,988			879,798			—
Balance, end of period	$	(816,481	)	$	(304,001	)	$	—

Mortgage Banking Activities

Mortgage banking activities, net, as presented in the consolidated statements of operations consisted of the following:

	2012			2011			2010
Mortgage loan servicing fees	$	2,314,186		$	2,580,089		$	2,578,310
Amortization of mortgage servicing rights		(3,612,550	)		(3,000,186	)		(2,049,097	)
Recovery (impairment) of mortgage servicing fees		(512,480	)		(304,001	)		—
Market adjustment for loans held for sale		556,778			(142,208	)		107,149
Changes in fair value of mortgage banking derivatives		1,370,796			(438,949	)		(480,922	)
Realized gains on sale of loans		9,020,634			7,920,334			4,447,603
Mortgage banking activities, net	$	9,137,364		$	6,615,079		$	4,603,043