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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-QSB
  þ
    
    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For
the quarterly period ended September 30, 2005
 OR
 o
    
    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
 For the transition period from _________ to _________
 Commission
File Number: 000-51668
 GREENVILLE FEDERAL FINANCIAL CORPORATION
  Ohio
    
    20-3742295(State or other jurisdiction of
incorporation or organization)
    
    (IRS Employer Identification No.)
 
  
  
   o þ
  o þ
   o þ




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PagePART I  FINANCIAL INFORMATIONITEM 1 Financial StatementsConsolidated Statements of Financial Condition
    
    
    3Consolidated Statements of Earnings
    
    
    4Consolidated Statements of Comprehensive Income
    
    
    5Consolidated Statements of Cash Flows
    
    
    6Notes to Consolidated Financial Statements
    
    
    8ITEM 2 Managements Discussion and Analysis or Plan of Operations
    
    
    10ITEM 3 Controls and ProceduresPART II   OTHER INFORMATION
    
    
    14ITEM 1 Legal ProceedingsITEM 2 Unregistered Sales of Equity Securities and Use of ProceedsITEM 3 Defaults Upon Senior SecuritiesITEM 4 Submission of Matters to a Vote of Security HoldersITEM 5 Other InformationITEM 6 ExhibitsSIGNATURES
    
    
    15EX-31.1 SECTION 302, CERTIFICATION OF THE CEOEX-31.2 SECTION 302, CERTIFICATION OF THE CFOEX-32.1 SECTION 906, CERTIFICATION OF THE CEOEX-32.2 SECTION 906, CERTIFICATION OF THE CFO
  2




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GREENVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
 
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
  September 30,
    
    
    June 30,2005
    
    
    2005(Unaudited)ASSETSCash and due from banks
    
    $
    2,463
    
    
    $
    2,119Interest-bearing deposits in other financial institutions
    
    
    1,948
    
    
    
    1,597Cash and cash equivalents
    
    
    4,411
    
    
    
    3,716Investment securities designated as available for sale  at market
    
    
    15,797
    
    
    
    15,717Investment securities designated as held to maturity  at amortized cost,
approximate market value of $17,703 and $17,852
as of September 30, 2005 and June 30, 2005, respectively
    
    
    18,048
    
    
    
    18,050Mortgage-backed securities designated as held to maturity  at amortized
cost, approximate market value of $1,566 and $1,755
as of September 30, 2005 and June 30, 2005, respectively
    
    
    1,557
    
    
    
    1,737Loans receivable  net
    
    
    79,980
    
    
    
    78,189Office premises and equipment  at depreciated cost
    
    
    2,097
    
    
    
    2,133Real estate acquired through foreclosure
    
    
    
    
    
    
    81Stock in Federal Home Loan Bank  at cost
    
    
    1,791
    
    
    
    1,769Cash surrender value of life insurance
    
    
    3,604
    
    
    
    3,571Accrued interest receivable on loans
    
    
    410
    
    
    
    418Accrued interest receivable on mortgage-backed securities
    
    
    7
    
    
    
    8Accrued interest receivable on investment securities and other
    
    
    163
    
    
    
    146Prepaid expenses and other assets
    
    
    546
    
    
    
    513Total assets
    
    $
    128,411
    
    
    $
    126,048LIABILITIES AND RETAINED EARNINGSDeposits
    
    $
    81,331
    
    
    $
    78,898Advances from the Federal Home Loan Bank
    
    
    32,193
    
    
    
    32,243Advances by borrowers for taxes and insurance
    
    
    252
    
    
    
    333Accrued interest payable
    
    
    230
    
    
    
    205Other liabilities
    
    
    478
    
    
    
    589Accrued federal income taxes
    
    
    116
    
    
    
    23Deferred federal income taxes
    
    
    40
    
    
    
    98Total liabilities
    
    
    114,640
    
    
    
    112,389Commitments and contingencies
    
    
    
    
    
    
    Retained earnings  restricted
    
    
    14,020
    
    
    
    13,866Accumulated comprehensive loss  unrealized losses on securities
designated as available for sale, net of related tax benefits
    
    
    (249
    )
    
    
    (207
    )Total retained earnings
    
    
    13,771
    
    
    
    13,659Total liabilities and retained earnings
    
    $
    128,411
    
    
    $
    126,048
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GREENVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
 
 CONSOLIDATED STATEMENTS OF EARNINGS
 
 2005
    
    
    2004Interest incomeLoans
    
    $
    1,310
    
    
    $
    1,210Mortgage-backed securities
    
    
    18
    
    
    
    25Investment securities
    
    
    293
    
    
    
    259Interest-bearing deposits and other
    
    
    38
    
    
    
    31Total interest income
    
    
    1,659
    
    
    
    1,525Interest expenseDeposits
    
    
    418
    
    
    
    413Borrowings
    
    
    368
    
    
    
    341Total interest expense
    
    
    786
    
    
    
    754Net interest income
    
    
    873
    
    
    
    771Provision for losses on loans
    
    
    8
    
    
    
    6Net interest income after provision for
losses on loans
    
    
    865
    
    
    
    765Other incomeCustomer service charges
    
    
    136
    
    
    
    127Gain on sale of real estate acquired through foreclosure
    
    
    
    
    
    
    23Gain on redemption of investment security
    
    
    16
    
    
    
    Other operating
    
    
    54
    
    
    
    54Total other income
    
    
    206
    
    
    
    204General, administrative and other expenseEmployee compensation and benefits
    
    
    477
    
    
    
    536Occupancy and equipment
    
    
    115
    
    
    
    109Franchise taxes
    
    
    45
    
    
    
    46Data processing
    
    
    98
    
    
    
    91Advertising
    
    
    17
    
    
    
    20Other operating
    
    
    108
    
    
    
    106Total general, administrative and other expense
    
    
    860
    
    
    
    908Earnings before income taxes
    
    
    211
    
    
    
    61Federal income taxesCurrent
    
    
    93
    
    
    
    9Deferred
    
    
    (36
    )
    
    
    Total federal income taxes
    
    
    57
    
    
    
    9NET EARNINGS
    
    $
    154
    
    
    $
    52
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GREENVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
 
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 2005
    
    
    2004Net earnings
    
    $
    154
    
    
    $
    52Other comprehensive losses, net of related tax benefits:Unrealized holding losses on securities during the period,
net of tax benefits of $22 for the period ended
September 30, 2005
    
    
    (42
    )
    
    
    Comprehensive income
    
    $
    112
    
    
    $
    52Accumulated comprehensive loss
    
    $
    (249
    )
    
    $
    (122
    )
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GREENVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 2005
    
    
    2004Cash flows from operating activities:Net earnings for the period
    
    $
    154
    
    
    $
    52Adjustments to reconcile net earnings to net cash
provided by operating activities:Accretion and amortization of premiums and discounts on
investment and mortgage-backed securities  net
    
    
    1
    
    
    
    1Amortization of deferred loan origination fees
    
    
    (15
    )
    
    
    (22
    )Depreciation and amortization
    
    
    53
    
    
    
    52Amortization and impairment of mortgage servicing rights
    
    
    9
    
    
    
    8Provision for losses on loans
    
    
    8
    
    
    
    6Gain on sale of real estate acquired through foreclosure
    
    
    
    
    
    
    (23
    )Federal Home Loan Bank stock dividends
    
    
    (22
    )
    
    
    (18
    )Increase in cash surrender value of life insurance
    
    
    (33
    )
    
    
    (35
    )Increase (decrease) in cash due to changes in:Accrued interest receivable on loans
    
    
    8
    
    
    
    2Accrued interest receivable on mortgage-backed securities
    
    
    1
    
    
    
    2Accrued interest receivable on investment securities and other
    
    
    (17
    )
    
    
    (28
    )Prepaid expenses and other assets
    
    
    (33
    )
    
    
    (227
    )Accrued interest payable
    
    
    25
    
    
    
    (11
    )Other liabilities
    
    
    (113
    )
    
    
    321Federal income taxesCurrent
    
    
    93
    
    
    
    8Deferred
    
    
    (36
    )
    
    
    Net cash provided by operating activities
    
    
    83
    
    
    
    88Cash flows used in investing activities:Purchases of investment securities designated as available for sale
    
    
    (144
    )
    
    
    (93
    )Purchases of investment securities designated as held to maturity
    
    
    
    
    
    
    (2
    )Proceeds from maturity of investment securities designated
as held to maturity
    
    
    2
    
    
    
    2Proceeds from repayment of mortgage-backed securities
    
    
    179
    
    
    
    281Loan principal repayments
    
    
    6,165
    
    
    
    4,123Loan disbursements
    
    
    (7,875
    )
    
    
    (4,707
    )Purchase of office premises and equipment
    
    
    (17
    )
    
    
    (13
    )Proceeds from sale of real estate acquired through foreclosure
    
    
    
    
    
    
    21Decrease in certificates of deposit in other financial institutions
    
    
    
    
    
    
    198Net cash used in investing activities
    
    
    (1,690
    )
    
    
    (190
    )Cash flows provided by (used in) financing activities:Net increase (decrease) in deposit accounts
    
    
    2,433
    
    
    
    (1,225
    )Proceeds from Federal Home Loan Bank advances
    
    
    6,500
    
    
    
    Repayment of Federal Home Loan Bank advances
    
    
    (6,550
    )
    
    
    (1,429
    )Advances by borrowers for taxes and insurance
    
    
    (81
    )
    
    
    (96
    )Net cash provided by (used in) financing activities
    
    
    2,302
    
    
    
    (2,750
    )Net increase (decrease) in cash and cash equivalents
    
    
    695
    
    
    
    (2,852
    )Cash and cash equivalents at beginning of period
    
    
    3,716
    
    
    
    7,902Cash and cash equivalents at end of period
    
    $
    4,411
    
    
    $
    5,050
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GREENVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
 CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
 
 2005
    
    
    2004Supplemental disclosure of cash flow information:Cash paid during the period for:Interest on deposits and borrowings
    
    $
    811
    
    
    $
    754Federal income taxes
    
    $
    
    
    
    $
    Supplemental disclosure of noncash investing activities:Transfers from loans to real estate acquired through foreclosure
    
    $
    
    
    
    $
    87Loans originated upon sale of real estate acquired through
foreclosure
    
    $
    83
    
    
    $
    143Unrealized losses on securities designated as available for
sale, net of related tax benefits
    
    $
    (42
    )
    
    $
    
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GREENVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Basis of Presentation
    Principles of Consolidation
  8




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GREENVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
  Earnings Per Share
  Recent Accounting Developments
     9




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GREENVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
 
 MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
 Forward Looking Statements
  Discussion of Financial Condition Changes from June 30, 2005 to September 30, 2005
     10




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GREENVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
 MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN
OF OPERATIONS (CONTINUED)
 Discussion of Financial Condition Changes from June 30, 2005 to September 30, 2005
    Comparison of Operating Results for the Three-Month Periods Ended September 30, 2005 and
2004
 General
  Net Interest Income
    11




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GREENVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
 MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN
OF OPERATIONS (CONTINUED)
 Comparison of Operating Results for the Three-Month Periods Ended September 30, 2005 and 2004
 Provision for Losses on Loans
  Other Income
  General, Administrative and Other Expense
  Federal Income Taxes
  12




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GREENVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
 MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN
OF OPERATIONS (CONTINUED)
 Comparison of Operating Results for the Three-Month Periods Ended September 30, 2005 and 2004
 
 Controls and Procedures
   13




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Greenville Federal Financial Corporation
 
  
 Legal Proceedings
  
 Unregistered Sales of Equity Securities and Use of Proceeds
    
 Defaults Upon Senior Securities
  
 Submission of Matters to a Vote of Security Holders
  
 Other Information
  
 Exhibits
 31.1
    
    Chief Executive Officer certification pursuant to
Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Chief Financial Officer certification pursuant to
Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    Chief Executive Officer certification pursuant to
Section 906 of the Sarbanes-Oxley Act of 200232.2
    
    Chief Financial Officer certification pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
 14




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Greenville Federal Financial Corporation
 
 SIGNATURES
  GREENVILLE FEDERAL FINANCIAL CORPORATIONDate:
December 27, 2005
    
    By:
    
    /s/ David M. KeplerDavid M. KeplerPresident and Chief Executive OfficerDate:
December 27, 2005
    
    By:
    
    /s/ Susan J. AllreadSusan J. AllreadChief Financial Officer
 15