Adjustment for Freddie Mac Interest (Tables)

9 Months Ended

Mar. 31, 2013

Effect on Prior Year Balance Sheet and Statement of Operations Related to Adjustment for Interest Income on Residential Loans

The applicable effect on the prior year balance sheet and statement of operations related to the adjustment for interest income on residential loans is as follows:

	June 30,			March 31,
	2012			2012
Balance Sheet:
Accrued expenses and other liabilities as previously reported	$	24,224,709		$	25,504,793
Adjustment for interest income on residential loans sold		599,745			383,144
Accrued expenses and other liabilities as adjusted	$	24,824,454		$	25,887,937
Retained earnings as previously reported	$	(26,119,855	)	$	(26,946,269	)
Net impact of adjustment for interest income on residential loans sold		(599,745	)		(383,144	)
Retained earnings (accumulated deficit) as adjusted	$	(26,719,600	)	$	(27,329,413	)
Total stockholders’ equity as previously reported	$	70,730,621		$	69,767,727
Net impact of adjustment for interest income on residential loans sold		(599,745	)		(383,144	)
Total stockholders’ equity as adjusted	$	70,130,876		$	69,384,583

	For the year			For the quarter			For the nine months
	ended			ended			ended
	June 30, 2012			March 31, 2012			March 31, 2012
Statement of Operations:
Interest and divdends income on loans as previously reported	$	28,382,546		$	7,079,214		$	21,367,228
Adjustment for interest income on residential loans sold		(599,745	)		(194,937	)		(383,144	)
Interest and divdends income on loans as adjusted	$	27,782,801		$	6,884,277		$	20,984,084
Total interest and dividends income	$	29,847,913		$	7,539,817		$	22,419,622
Adjustment for interest income on residential loans sold		(599,745	)		(194,937	)		(383,144	)
Total interest and dividends income as adjusted	$	29,248,168		$	7,344,880		$	22,036,478
Net interest income as previously reported	$	21,973,522		$	5,679,360		$	16,282,365
Adjustment for interest income on residential loans sold		(599,745	)		(194,937	)		(383,144	)
Net interest income as adjusted	$	21,373,777		$	5,484,423		$	15,899,221
Net interest income after provision for loan losses as previously reported	$	14,991,522		$	3,663,360		$	10,800,365
Adjustment for interest income on residential loans sold		(599,745	)		(194,937	)		(383,144	)
Net interest income as adjusted	$	14,391,777		$	3,468,423		$	10,417,221
Income (loss) before federal income taxes as previously reported	$	(1,550,076	)	$	420,265		$	(2,182,669	)
Adjustment for interest income on residential loans sold		(599,745	)		(194,937	)		(383,144	)
Income (loss) before federal income taxes as adjusted	$	(2,149,821	)	$	225,328		$	(2,565,813	)
Net income (loss) as previously reported	$	(1,331,077	)	$	420,265		$	(2,157,491	)
Adjustment for interest income on residential loans sold		(599,745	)		(194,937	)		(383,144	)
Net income (loss) as adjusted	$	(1,930,822	)	$	225,328		$	(2,540,635	)
Basic earnings (loss) per share as previously reported	$	(0.05	)	$	0.02		$	(0.08	)
Adjustment for interest income on residential loans sold		(0.03	)		(0.01	)		(0.02	)
Basic earnings (loss) per share as adjusted	$	(0.08	)	$	0.01		$	(0.10	)