Mortgage Banking Activities (Tables)

9 Months Ended

Mar. 31, 2013

Originated Mortgage Servicing Rights Capitalized and Amortized

Originated mortgage servicing rights capitalized and amortized during the three- and nine-month periods ended March 31, 2013 and 2012 were as follows:


	Three months ended March 31,						Nine months ended March 31,
	2013			2012			2013			2012
Servicing rights:
Beginning of period	$	6,116,239		$	6,696,594		$	6,867,334		$	7,519,287
Additions		1,379,563			1,132,160			3,372,629			2,738,575
Amortized to expense		(941,500	)		(1,031,394	)		(2,919,803	)		(2,777,426	)
Change in valuation allowance		230,311			102,773			(535,547	)		(580,303	)

End of period	$	6,784,613		$	6,900,133		$	6,784,613		$	6,900,133

Activity in Valuation Allowance for Mortgage Servicing Rights

Activity in the valuation allowance for mortgage servicing rights over the three and nine month periods ended March 31, 2013, as compared with the same periods during 2012, were as follows:


	Three months ended March 31,						Nine months ended March 31,
	2013			2012			2013			2012
Balance, beginning of period	$	(1,582,339	)	$	(987,077	)	$	(816,481	)	$	(304,001	)
Impairment charges		—			—			(765,858	)		(698,468	)
Impairment recoveries		230,311			102,773			230,311			118,165

Balance, end of period	$	(1,352,028	)	$	(884,304	)	$	(1,352,028	)	$	(884,304	)

Mortgage Banking Activities

Mortgage banking activities net for the three and nine months ended March 31, 2013 and 2012, consisted of the following:


	Three months ended March 31,						Nine months ended March 31,
	2013			2012			2013			2012
Mortgage loan servicing fees	$	789,525		$	411,947		$	1,969,731		$	1,701,629
Amortization of mortgage loan servicing rights		(941,500	)		(1,031,394	)		(2,919,803	)		(2,777,426	)
Recovery (Impairment) of mortgage loan servicing rights		230,311			102,773			(535,547	)		(580,303	)

Mortgage loan servicing (loss), net		78,336			(516,674	)		(1,485,619	)		(1,656,100	)
Changes in fair value of loans held for sale		(848,890	)		177,967			(460,649	)		215,785
Changes in fair value of mortgage banking derivatives		(865,598	)		342,161			(108,122	)		877,137
Realized gains on sale of loans		4,100,853			3,329,093			11,409,934			6,712,912

Mortgage banking activities, net	$	2,464,701		$	3,332,547		$	9,355,544		$	6,149,734

- Definition

Tabular disclosure of the activity in the balance of servicing assets subsequently measured at amortized value (including a description of where changes in carrying value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (through purchases of servicing assets and servicing assets that result from transfers of financial assets), disposals, amortization, application of valuation allowances, other-than-temporary impairments, and other changes that affect the balance along with a description of those changes.

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