| FLATBUSH FEDERAL BANCORP, INC.                                                     |
|------------------------------------------------------------------------------------|
| (Exact name of registrant as specified in its charter)                             |
|                                                                               |   |
| FEDERAL                                                                            | 11-3700733 |
| (State or other jurisdiction of incorporation or organization)                     | (IRS Employer Identification No.) |
|                                                                               |   |
| 2146 NOSTRAND AVENUE, BROOKLYN, NEW YORK  11210                          |
| (Address of principal executive offices)                                           |
|                                                                               |   |
| (718) 859-6800                                                                     |
| (Registrant’s telephone number)                                              |
|                                                                               |   |
|                                                                               |   |
| (Former name, former address and former fiscal year, if changed since last report) |

| Large Accelerated filer o                                             | Accelerated filer o         |
|-----------------------------------------------------------------------|-----------------------------|
| Non-accelerated filer (Do not check if a smaller reporting company) o | Smaller reporting company x |

----

D

|                                 |     |                                                                                                                                                                                                                                                                                                                                            | Page          |
|--------------------------------------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|                                 |     |                                                                                                                                                                                                                                                                                                                                            | Number        |
| PART I – FINANCIAL INFORMATION |     |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 | Item 1:  | Financial Statements                                                                                                                                                                                                                                                                                                                            |          |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 |     | Consolidated Statements of Financial Condition at September 30, 2009 and December 31, 2008 (Unaudited)                                                                                                                                                                                                                                     | 1             |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 |     | Consolidated Statements of Income for the Three months and Nine months ended September 30, 2009 and 2008 (Unaudited)                                                                                                                                                                                                                            | 2             |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 |     | Consolidated Statements of Comprehensive Income for the Three months and Nine months ended September 30, 2009 and 2008 (Unaudited)                                                                                                                                                                                               | 3             |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 |     | Consolidated Statements of Cash Flows for the Three months and Nine months ended September 30, 2009 and 2008 (Unaudited)                                                                                                                                                                                                                        | 4             |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 |     | Notes to Consolidated Financial Statements (Unaudited)                                                                                                                                                                                                                                                                                          | 5 – 13  |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 | Item 2:  | Management’s Discussion and Analysis of Financial Condition and Results of Operation                                                                                                                                                                                                                                                      | 14 – 20 |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 | Item 3:  | Quantitative and Qualitative Disclosure About Market Risk                                                                                                                                                                                                                                                                                       | 21            |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 | Item 4T: | Controls and Procedures                                                                                                                                                                                                                                                                                                                         | 21            |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
| PART II – OTHER INFORMATION    |     |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 | Item 1:  | Legal Proceedings                                                                                                                                                                                                                                                                                                                               | 22            |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 | Item 1A: | Risk Factors                                                                                                                                                                                                                                                                                                                                    | 22            |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 | Item 2:  | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                       | 22            |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 | Item 3:  | Defaults upon Senior Securities                                                                                                                                                                                                                                                                                                                 | 22            |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 | Item 4:  | Submission of Matters to a Vote of Securities Holders                                                | 22            |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 | Item 5:  | Other Information                                                                                                                                                                                                                                                                                                                               | 22            |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
|                                 | Item 6:  | Exhibits                                                                                                                                                                                                                                                                                                                                        | 23            |
|                                 |     |                                                                                                                                                                                                                                                                                                                                            |          |
| SIGNATURES                           | 24       |

----

Index

A

E

D

|                                                                                                                                                                                                                             |   |          |         |   |              |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------------|--------|-------------------|--------|
|                                                                                                                                                                                                                             |   | September 30, |         |   | December 31, |   |
| ASSETS                                                                                                                                                                                                                           |   | 2009          |         |   | 2008              |   |
|                                                                                                                                                                                                                             |   |          |         |   |              |   |
|    Cash and amounts due from depository institutions                                                                                                                                                              |   | $             | 2,045,803    |   |              | $      | 2,611,611 |   |
|    Interest earning deposits in other banks                                                                                                                                                                       |   |          | 422,,235     |   |              |   | 2,966,877 |   |
|    Federal Funds sold                                                                                                                                                                                             |   |          | 4,400,000    |   |              |   | 2,100,000 |   |
| Cash and cash equivalents                                                                                                                                                                                                        |   |          | 6,868,038    |   |              |   | 7,678,488 |   |
|                                                                                                                                                                                                                             |   |          |         |   |              |   |   |   |
|    Mortgage-backed securities held to maturity; fair value of   $30,740,668  in (2009) and $33,975,054 in (2008)                                                                         |   |          | 29,355,971   |   |              |   | 32,926,053 |   |
|    Loans receivable, net of allowance for loan losses of $252,797   (2009) and $190,630 (2008)                                                                                                     |   |          | 109,615,674  |   |              |   | 98,240,898 |   |
|    Premises and equipment                                                                                                                                                                                         |   |          | 2,484,923    |   |              |   | 2,616,747 |   |
|    Federal Home Loan Bank of New York stock                                                                                                                                                                       |   |          | 1,249,800    |   |              |   | 1,521,600 |   |
|    Accrued interest receivable                                                                                                                                                                                    |   |          | 669,520      |   |              |   | 617,235 |   |
|    Bank owned life insurance                                                                                                                                                                                      |   |          | 4,180,100    |   |              |   | 4,060,415 |   |
|    Other assets                                                                                                                                                                                                   |   |          | 2,064,564    |   |              |   | 1,989,544 |   |
| Total assets                                                                                                                                                                                                                     |   | $             | 156,488,590  |   |              | $      | 149,650,980 |   |
|                                                                                                                                                                                                                             |   |          |         |   |              |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                                                                       |   |          |         |   |              |   |   |   |
| Liabilities:                                                                                                                                                                                                                     |   |          |         |   |              |   |   |   |
|    Deposits:                                                                                                                                                                                                      |   |          |         |   |              |   |   |   |
|     Non-interest bearing                                                                                                                                                                                     |   | $             | 5,276,280    |   |              | $      | 3,868,320 |   |
|     Interest bearing                                                                                                                                                                                         |   |          | 110,315,893  |   |              |   | 97,807,392 |   |
|     Total Deposits                                                                                                                                                                                           |   |          | 115,592,173  |   |              |   | 101,675,712 |   |
|   Federal Home Loan Bank of New York advances                                                                                                                                                                          |   |          | 22,294,759   |   |              |   | 28,592,884 |   |
|   Advance payments by borrowers for taxes and insurance                                                                                                                                                                |   |          | 546,951      |   |              |   | 764,797 |   |
|   Other liabilities                                                                                                                                                                                                    |   |          | 2,812,508    |   |              |   | 3,983,403 |   |
| Total liabilities                                                                                                                                                                                                                |   |          | 141,246,391  |   |              |   | 135,016,796 |   |
|   Stockholders’ equity:                                                                                                                                                                                          |   |          |         |   |              |   |   |   |
|   Preferred stock $0.01 par value; 1,000,000 shares authorized;     none issued and outstanding                                                                                               |   |          |  ---    |   |              |   |  --- |   |
|   Common stock $0.01 par value;  authorized 9,000,000 shares;   issued (2009 and 2008) 2,799,657 shares;   outstanding (2009) 2,736,907 and (2008)  2,737,907 shares |   |          |  27,998 |   |              |   |   27,998 |   |
|   Paid-in capital                                                                                                                                                                                                      |   |          | 12,564,657   |   |              |   | 12,514,942 |   |
|   Retained earnings                                                                                                                                                                                                    |   |          | 5,569,839    |   |              |   | 5,154,812 |   |
|   Unearned employees’ stock ownership plan (ESOP) shares                                                                                                                                                         |   |          | (487,576     | )      |              |   | (513,731 | ) |
|   Treasury stock, 62,750, (2009) and 61,750, (2008) shares                                                                                                                                                             |   |          | (446,534     | )      |              |   | (442,984 | ) |
|   Accumulated other comprehensive loss                                                                                                                                                                                 |   |          | (1,986,185   | )      |              |   | (2,106,853 | ) |
| Total stockholders’ equity                                                                                                                                                                                                 |   |          | 15,242,199   |   |              |   | 14,634,184 |   |
|                                                                                                                                                                                                                             |   |          |         |   |              |   |   |   |
| Total liabilities and stockholders’ equity                                                                                                                                                                                 |   | $             | 156,488,590  |   |              | $      | 149,650,980 |   |

----

Index

R

|                                                                                                            |   |               |      |   |              |   |      |   |   |   |      |   |
|-----------------------------------------------------------------------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|-----------|--------|--------|--------|-----------|--------|
|                                                                                                            |   | Three months ended |      |   | Nine months ended |   |
|                                                                                                            |   | September 30,      |      |   | September 30,     |   |
|                                                                                                            |   | 2009               |      |   | 2008              |   |      | 2009   |   |   | 2008      |   |
| Interest Income                                                                                                 |   |               |      |   |              |   |      |   |   |   |      |   |
|    Loans, including fees                                                                         |   | $                  | 1,644,169 |   |              | $      | 1,505,304 |   |   | $      | 4,766,958 |   |   | $ | 4,621,761 |   |
|    Mortgage-backed securities                                                                    |   |               | 466,835   |   |              |   | 366,021   |   |   |   | 1,373,742 |   |   |   | 1,036,722 |   |
|    Investments                                                                                   |   |               | 19,068    |   |              |   | 50,128    |   |   |   | 50,286    |   |   |   | 220,554 |   |
|    Other interest earning assets                                                                 |   |               | 2,001     |   |              |   | 22,008    |   |   |   | 6,112     |   |   |   | 108,843 |   |
|           Total interest income                               |   |               | 2,132,073 |   |              |   | 1,943,461 |   |   |   | 6,197,098 |   |   |   | 5,987,880 |   |
|                                                                                                            |   |               |      |   |              |   |      |   |   |   |      |   |   |   |   |   |
| Interest Expense                                                                                                |   |               |      |   |              |   |      |   |   |   |      |   |   |   |   |   |
|    Deposits                                                                                      |   |               | 599,518   |   |              |   | 576,485   |   |   |   | 1,806,179 |   |   |   | 1,935,132 |   |
|    Borrowings                                                                                    |   |               | 240,597   |   |              |   | 264,606   |   |   |   | 748,977   |   |   |   | 852,417 |   |
|           Total interest expense                              |   |               | 840,115   |   |              |   | 841,091   |   |   |   | 2,555,156 |   |   |   | 2,787,549 |   |
|                                                                                                            |   |               |      |   |              |   |      |   |   |   |      |   |   |   |   |   |
|          Net Interest Income                                       |   |               | 1,291,958 |   |              |   | 1,102,370 |   |   |   | 3,641,942 |   |   |   | 3,200,331 |   |
| Provision for loan losses                                                                                       |   |               | 51,910    |   |              |   | -         |   |   |   | 73,774    |   |   |   | 66 |   |
|           Net interest income after provision for loan losses |   |               | 1,240,048 |   |              |   | 1,102,370 |   |   |   | 3,568,168 |   |   |   | 3,200,265 |   |
|                                                                                                            |   |               |      |   |              |   |      |   |   |   |      |   |   |   |   |   |
| Non-interest income                                                                                             |   |               |      |   |              |   |      |   |   |   |      |   |   |   |   |   |
|    Fees and service charges                                                                      |   |               | 25,646    |   |              |   | 28,755    |   |   |   | 78,231    |   |   |   | 90,462 |   |
|    BOLI income                                                                                   |   |               | 40,365    |   |              |   | 40,675    |   |   |   | 119,685   |   |   |   | 119,889 |   |
|    Other                                                                                         |   |               | 750       |   |              |   | 43,307    |   |   |   | 2,045     |   |   |   | 47,417 |   |
|           Total non-interest income                           |   |               | 66,761    |   |              |   | 112,737   |   |   |   | 199,961   |   |   |   | 257,768 |   |
|                                                                                                            |   |               |      |   |              |   |      |   |   |   |      |   |   |   |   |   |
| Non-interest expenses                                                                                           |   |               |      |   |              |   |      |   |   |   |      |   |   |   |   |   |
|    Salaries and employee benefits                                                                |   |               | 599,494   |   |              |   | 579,256   |   |   |   | 1,337,719 |   |   |   | 1,729,407 |   |
|    Net occupancy expense of premises                                                             |   |               | 118,823   |   |              |   | 120,047   |   |   |   | 346,387   |   |   |   | 366,917 |   |
|    Equipment                                                                                     |   |               | 122,145   |   |              |   | 122,419   |   |   |   | 373,072   |   |   |   | 370,683 |   |
|    Directors’ compensation                                                                 |   |               | 46,154    |   |              |   | 43,572    |   |   |   | 136,763   |   |   |   | 141,017 |   |
|    Professional fees                                                                             |   |               | 89,000    |   |              |   | 73,600    |   |   |   | 281,404   |   |   |   | 234,706 |   |
|    Other insurance premiums                                                                      |   |               | 36,002    |   |              |   | 36,192    |   |   |   | 107,510   |   |   |   | 109,323 |   |
|    Federal Deposit Insurance premiums                                                            |   |               | 41,680    |   |              |   | 4,474     |   |   |   | 185,057   |   |   |   | 10,945 |   |
|    Other                                                                                         |   |               | 122,624   |   |              |   | 121,273   |   |   |   | 358,225   |   |   |   | 365,165 |   |
|         Total non-interest expenses                                     |   |               | 1,175,922 |   |              |   | 1,100,833 |   |   |   | 3,126,137 |   |   |   | 3,328,163 |   |
|                                                                                                            |   |               |      |   |              |   |      |   |   |   |      |   |   |   |   |   |
|   Income before income tax                                                                            |   |               | 130,887   |   |              |   | 114,274   |   |   |   | 641,992   |   |   |   | 129,870 |   |
|    Income tax expense                                                                            |   |               | 46,431    |   |              |   | 36,731    |   |   |   | 226,964   |   |   |   | 41,142 |   |
|  Net income                                                                                                |   | $                  | 84,456    |   |              | $      | 77,543    |   |   | $      | 415,027   |   |   | $ | 88,728 |   |
|                                                                                                            |   |               |      |   |              |   |      |   |   |   |      |   |   |   |   |   |
| Net income  per common share – Basic and diluted                                                |   | $                  | 0.03      |   |              | $      | 0.03      |   |   | $      | 0.16      |   |   | $ | 0.03 |   |
| Weighted average number of shares outstanding – Basic and diluted                                         |   |               | 2,662,236 |   |              |   | 2,664,658 |   |   |   | 2,661,133 |   |   |   | 2,663,349 |   |

----

Index

E

|                        |   | Three months endedSeptember 30, |    |   | Nine months endedSeptember 30, |   |
|-----------------------------|--------|---------------------------------|---------|--------|--------------------------------|--------|
|                        |   | 2009                            |    |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
|                        |   |                            |    |   |                           |   |   |   |   |   |   |   |
| Net Income                  |   | $                               | 84,456  |   |                           | $      | 77,543 |   |   | $ | 415,027 |   |   | $ | 88,728 |   |
|                        |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income, |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
|  net of income taxes:  |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Benefit Plans               |   |                            | 68,584  |   |                           |   | 28,460 |   |   |   | 206,338 |   |   |   | 85,381 |   |
| Deferred income taxes       |   |                            | (28,362 | )      |                           |   | (11,910 | ) |   |   | (85,670 | ) |   |   | (35,731 | ) |
|                        |   |                            | 40,222  |   |                           |   | 16,550 |   |   |   | 120,668 |   |   |   | 49,650 |   |
|                        |   |                            |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income        |   | $                               | 124,678 |   |                           | $      | 94,093 |   |   | $ | 535,695 |   |   | $ | 138,378 |   |

----

Index

|                                                                                                                                                                       |   | Nine months ended September 30, |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|
|                                                                                                                                                                       |   | 2009                            |       |   | 2008 |   |
| Cash flow from operating activities:                                                                                                                                       |   |                            |       |   |   |   |
|   Net income                                                                                                                                                     |   | $                               | 415,027    |   |   | $ | 88,728 |   |
|   Adjustments to reconcile net income to net cash  (used in) provided by operating activities:                                                         |   |                            |       |   |   |   |   |   |
|      Depreciation and amortization of premises and equipment                                                                                      |   |                            | 138,080    |   |   |   | 136,677 |   |
|      Net accretion of discounts, premiums and        deferred loan fees and costs                         |   |                            | (66,321    | ) |   |   | 44,468 |   |
|      Provision for loan losses                                                                                                                    |   |                            | 73,774     |   |   |   | 66 |   |
|      ESOP shares committed to be released                                                                                                         |   |                            | 14,184     |   |   |   | 21,019 |   |
|      MRP expense                                                                                                                                  |   |                            | 30,438     |   |   |   | 30,438 |   |
|      Stock option expense                                                                                                                         |   |                            | 31,248     |   |   |   | 31,248 |   |
|      (Increase) decrease in accrued interest receivable                                                                                           |   |                            | (52,285    | ) |   |   | 114,101 |   |
|      Increase in cash surrender value of BOLI                                                                                                     |   |                            | (119,685   | ) |   |   | (119,889 | ) |
|      (Increase) decrease in other assets                                                                                                          |   |                            | (160,690   | ) |   |   | 204,300 |   |
|      (Decrease) increase in other liabilities                                                                                                     |   |                            | (964,557   | ) |   |   | 112,311 |   |
|         Net cash  (used in) provided by operating activities                                                             |   |                            | (660,787   | ) |   |   | 663,467 |   |
|                                                                                                                                                                       |   |                            |       |   |   |   |   |   |
| Cash flow from investing activities:                                                                                                                                       |   |                            |       |   |   |   |   |   |
|      Proceeds from calls and maturities of investment securities held to maturity                                                                 |   |                            | -          |   |   |   | 4,500,000 |   |
|      Principal repayments on mortgage-backed securities held to maturity                                                                          |   |                            | 4,568,797  |   |   |   | 2,560,885 |   |
|      Purchases of mortgage-backed securities held to maturity                                                                                     |   |                            | (905,604   | ) |   |   | (6,010,458 | ) |
|      Purchases of loan participation interests                                                                                                    |   |                            | (2,016,503 | ) |   |   | (4,615,108 | ) |
|      Net (increase), decrease in loans receivable                                                                                                 |   |                            | (9,458,837 | ) |   |   | 10,347,036 |   |
|      Additions to premises and equipment                                                                                                          |   |                            | (6,256     | ) |   |   | (12,123 | ) |
|      Redemption of Federal Home Loan Bank of New York stock                                                                                       |   |                            | 271,800    |   |   |   | 62,300 |   |
|         Net cash (used in) provided by investing activities                                                                        |   |                            | (7,546,603 | ) |   |   | 6,832,532 |   |
|                                                                                                                                                                       |   |                            |       |   |   |   |   |   |
| Cash flow from financing activities:                                                                                                                                       |   |                            |       |   |   |   |   |   |
|      Net increase (decrease)  in deposits                                                                                               |   |                            | 13,916,461 |   |   |   | (5,135,088 | ) |
|      Advances from Federal Home Loan Bank of New York                                                                                             |   |                            | -          |   |   |   | 2,000,000 |   |
|      Repayment of advances from Federal Home Loan Bank of New York                                                                                |   |                            | (4,298,125 | ) |   |   | (5,236,848 | ) |
|      Net change to short-term borrowings                                                                                                          |   |                            | (2,000,000 | ) |   |   | 2,000,000 |   |
|      (Decrease) increase  in advance payments by borrowers         for taxes and insurance |   |                            | (217,846   | ) |   |   | 160,831 |   |
|      Purchase of treasury stock                                                                                                                   |   |                            | (3,550     | ) |   |   | - |   |
|         Net cash provided by (used in) financing activities                                                                        |   |                            | 7,396,940  |   |   |   | (6,211,105 | ) |
| Net (decrease) increase in cash and cash equivalents                                                                                                                       |   |                            | (810,450   | ) |   |   | 1,284,894 |   |
| Cash and cash equivalents – beginning                                                                                                                                |   |                            | 7,678,488  |   |   |   | 4,967,580 |   |
|                                                                                                                                                                       |   |                            |       |   |   |   |   |   |
| Cash and cash equivalents – ending                                                                                                                                   |   | $                               | 6,868,038  |   |   | $ | 6,252,474 |   |
| Supplemental disclosure of cash flow information                                                                                                                           |   |                            |       |   |   |   |   |   |
|   Cash paid during the year for:                                                                                                                                 |   |                            |       |   |   |   |   |   |
|      Interest                                                                                                                                     |   | $                               | 2,294,155  |   |   | $ | 2,795,379 |   |
|      Income taxes                                                                                                                                 |   | $                               | 276,050    |   |   | $ | 8,769 |   |

----

Index

A

----

Index

|                                     |   | September 30, 2009 |       |
|------------------------------------------|--------|--------------------|------------|
|                                     |   | AmortizedCost      |       |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | EstimatedFairValue |   |
| Government National Mortgage Association |   | $                  | 2,746,979  |   |   | $ | 114,007 |   |   | $ | 8,992 |   |   | $ | 2,851,994 |   |
| Federal National Mortgage Association    |   |               | 20,678,774 |   |   |   | 1,110,904 |   |   |   | - |   |   |   | 21,789,678 |   |
| Federal Home Loan Mortgage Corporation   |   |               | 5,930,218  |   |   |   | 182,040 |   |   |   | 13,262 |   |   |   | 6,098,996 |   |
|                                     |   |               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   | $                  | 29,355,971 |   |   | $ | 1,406,951 |   |   | $ | 22,254 |   |   | $ | 30,740,668 |   |

|                                     |   | December 31, 2008 |       |
|------------------------------------------|--------|-------------------|------------|
|                                     |   | AmortizedCost     |       |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | EstimatedFairValue |   |
| Government National Mortgage Association |   | $                 | 3,202,284  |   |   | $ | 89,276 |   |   | $ | 16,043 |   |   | $ | 3,275,517 |   |
| Federal National Mortgage Association    |   |              | 23,379,580 |   |   |   | 823,094 |   |   |   | 76 |   |   |   | 24,202,598 |   |
| Federal Home Loan Mortgage Corporation   |   |              | 6,344,189  |   |   |   | 166,039 |   |   |   | 13,289 |   |   |   | 6,496,939 |   |
|                                     |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   | $                 | 32,926,053 |   |   | $ | 1,078,409 |   |   | $ | 29,408 |   |   | $ | 33,975,054 |   |

----

Index

|                                                                                                                                                          |   | Less than 12 Months |      |   | 12 Months or More |   |   | Total     |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|--------|-------------------|--------|--------|-----------|--------|
|                                                                                                                                                          |   | FairValue           |      |   | UnrealizedLosses  |   |   | FairValue |   |   | UnrealizedLosses |   |   | FairValue |   |   | UnrealizedLosses |   |
| September 30, 2009:                                                                                                                                           |   |                |      |   |              |   |   |      |   |   |   |   |   |   |   |   |   |   |
|   Government National      Mortgage Association                                                                                      |   | $                   | 449,337   |   |              | $      | 8,992  |      |   | $ | - |   |   | $ | - |   |   | $ | 449,337 |   |   | $ | 8,992 |   |
|       Federal Home Loan        Mortgage       Corporation |   |                | 649,185   |   |              |   | 11,071 |      |   |   | 320,960 |   |   |   | 2,191 |   |   |   | 970,145 |   |   |   | 13,262 |   |
|                                                                                                                                                          |   |                |      |   |              |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                          |   | $                   | 1,098,522 |   |              | $      | 20,063 |      |   | $ | 320,960 |   |   | $ | 2,191 |   |   | $ | 1,419,482 |   |   | $ | 22,254 |   |

|                                                                                                                                                                          |   | Less than 12 Months |      |   | 12 Months or More |   |   | Total     |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|--------|-------------------|--------|--------|-----------|--------|
|                                                                                                                                                                          |   | FairValue           |      |   | UnrealizedLosses  |   |   | FairValue |   |   | UnrealizedLosses |   |   | FairValue |   |   | UnrealizedLosses |   |
| December 31, 2008:                                                                                                                                                            |   |                |      |   |              |   |   |      |   |   |   |   |   |   |   |   |   |   |
|   Government National      Mortgage Association                                                                                                      |   | $                   | 836,673   |   |              | $      | 16,043 |      |   | $ | - |   |   | $ | - |   |   | $ | 836,673 |   |   | $ | 16,043 |   |
|       Federal National         Mortgage        Association |   |                | 19,010    |   |              |   | 76     |      |   |   | - |   |   |   | - |   |   |   | 19,010 |   |   |   | 76 |   |
|       Federal Home Loan        Mortgage       Corporation            |   |                | 659,094   |   |              |   | 11,175 |      |   |   | 325,457 |   |   |   | 2,114 |   |   |   | 984,551 |   |   |   | 13,289 |   |
|                                                                                                                                                                          |   |                |      |   |              |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                          |   | $                   | 1,514,777 |   |              | $      | 27,294 |      |   | $ | 325,457 |   |   | $ | 2,114 |   |   | $ | 1,840,130 |   |   | $ | 29,408 |   |

----

Index

|                                   |   | September 30, 2009 |       |
|----------------------------------------|--------|--------------------|------------|
|                                   |   | AmortizedCost      |       |   | EstimatedFair Value |   |
| Due within one year                    |   | $                  | 440,768    |   |   | $ | 453,907 |   |
| Due after one year through five years  |   |               | 160,992    |   |   |   | 164,178 |   |
| Due after five years through ten years |   |               | 220,683    |   |   |   | 227,815 |   |
| Due after ten years                    |   |               | 28,533,528 |   |   |   | 29,894,768 |   |
|                                   |   | $                  | 29,355,971 |   |   | $ | 30,740,668 |   |

|                                   |   | December 31, 2008 |       |
|----------------------------------------|--------|-------------------|------------|
|                                   |   | AmortizedCost     |       |   | EstimatedFair Value |   |
| Due within one year                    |   | $                 | 389        |   |   | $ | 397 |   |
| Due after one year through five years  |   |              | 897,450    |   |   |   | 901,659 |   |
| Due after five years through ten years |   |              | 241,174    |   |   |   | 245,638 |   |
| Due after ten years                    |   |              | 31,787,040 |   |   |   | 32,827,360 |   |
|                                   |   | $                 | 32,926,053 |   |   | $ | 33,975,054 |   |

|                                                             |   | Three months ended |    |   | Nine months ended |   |
|------------------------------------------------------------------|--------|--------------------|---------|--------|-------------------|--------|
|                                                             |   | September 30,      |    |   | September 30,     |   |
|                                                             |   | 2009               |    |   | 2008              |   |   | 2009 |   |   | 2008 |   |
|                                                             |   |               |    |   |              |   |   |   |   |   |   |   |
| Service Cost                                                     |   | $                  | -       |   |              | $      | 24,151 |   |   | $ | 18,391 |   |   | $ | 72,453 |   |
| Interest Cost                                                    |   |               | 78,218  |   |              |   | 82,145 |   |   |   | 233,989 |   |   |   | 246,435 |   |
| Expected return on assets                                        |   |               | (86,463 | )      |              |   | (104,895 | ) |   |   | (241,052 | ) |   |   | (314,685 | ) |
| Amortization of past service cost (credit)                       |   |               | -       |   |              |   | (15,799 | ) |   |   | (15,799 | ) |   |   | (47,397 | ) |
| Amortization of unrecognized net loss                            |   |               | 62,634  |   |              |   | 36,497 |   |   |   | 204,287 |   |   |   | 109,491 |   |
| Curtailment Credit                                               |   |               | -       |   |              |   | - |   |   |   | (507,058 | ) |   |   | - |   |
|      Net periodic benefit cost (credit) |   | $                  | 54,389  |   |              | $      | 22,099 |   |   | $ | (307,242 | ) |   | $ | 66,297 |   |

----

Index

|                                                    |   | Three months ended |   |   | Nine months ended |   |
|---------------------------------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                                                    |   | September 30,      |   |   | September 30,     |   |
|                                                    |   | 2009               |   |   | 2008              |   |   | 2009 |   |   | 2008 |   |
|                                                    |   |               |   |   |              |   |   |   |   |   |   |   |
| Service Cost                                            |   | $                  | 4,344  |   |              | $      | 4,191 |   |   | $ | 13,032 |   |   | $ | 12,573 |   |
| Interest Cost                                           |   |               | 17,711 |   |              |   | 20,813 |   |   |   | 53,133 |   |   |   | 62,439 |   |
| Amortization of unrecognized transition obligation      |   |               | -      |   |              |   | 1,134 |   |   |   | - |   |   |   | 3,402 |   |
| Amortization of past service cost                       |   |               | 5,278  |   |              |   | 5,278 |   |   |   | 15,834 |   |   |   | 15,835 |   |
| Amortization of unrecognized net loss                   |   |               | 672    |   |              |   | 1,350 |   |   |   | 2,016 |   |   |   | 4,050 |   |
|      Net periodic benefit cost |   | $                  | 28,005 |   |              | $      | 32,766 |   |   | $ | 84,015 |   |   | $ | 98,299 |   |

----

Index

----

Index

|                                                                                                                           |   | September 30,  |    |   | December 31,       |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|--------|--------------------|--------|
|                                                                                                                           |   | 2009           |    |   | 2008               |   |
|                                                                                                                           |   | CarryingAmount |    |   | EstimatedFairValue |   |   | CarryingAmount |   |   | EstimatedFairValue |   |
|                                                                                                                           |   | (In Thousands) |    |
| Financial assets:                                                                                                              |   |           |    |   |               |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                      |   | $              | 6,868   |   |               | $      | 6,868 |   |   | $ | 7,678 |   |   | $ | 7,678 |   |
| Mortgage-backed securities held to              maturity |   |           | 29,356  |   |               |   | 30,741 |   |   |   | 32,926 |   |   |   | 33,975 |   |
|       FHLB stock                                                                                 |   |           | 1,250   |   |               |   | 1,250 |   |   |   | 1,522 |   |   |   | 1,522 |   |
| Loans receivable                                                                                                               |   |           | 109,616 |   |               |   | 115,212 |   |   |   | 98,241 |   |   |   | 101,226 |   |
| Accrued interest receivable                                                                                                    |   |           | 670     |   |               |   | 670 |   |   |   | 617 |   |   |   | 617 |   |
|                                                                                                                           |   |           |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities:                                                                                                         |   |           |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                                                                                       |   |           | 115,592 |   |               |   | 117,434 |   |   |   | 101,676 |   |   |   | 102,271 |   |
| Advances from FHLB                                                                                                             |   |           | 22,295  |   |               |   | 22,972 |   |   |   | 28,593 |   |   |   | 29,389 |   |
|        Off-Balance sheet instruments                                                        |   |           | -       |   |               |   | - |   |   |   | - |   |   |   | - |   |

----

Index

----

Index

----

Index

T

----

Index

----

Index

----

Index

----

Index

----

Index

|                       | Actual       |   | Minimal CapitalRequirements |   | Under PromptCorrective ActionsProvisions         |
|----------------------------|--------------|--------|-----------------------------|--------|--------------------------------------------------|
|                       | Amount       |   | Ratio                       |   | Amount                                           |   | Ratio |   | Amount |   | Ratio |
|                       |         |   | (Dollars in Thousands)      |   |                                             |   |   |
| Total Capital              | $16,483      |   | 18.91%                      |   | >$6,974                                       |   | >8.00% |   | >$8,718 |   | >10.00% |
| (to risk-weighted assets)  |         |   |                        |   |                                             |   |   |   |   |   |   |
|                       |         |   |                        |   |                                             |   |   |   |   |   |   |
| Tier 1 Capital             |  16,230 |   | 18.62%                      |   | > -        |   | > -         |   | >5,231 |   | >  6.00% |
| (to risk-weighted assets)  |         |   |                        |   |                                             |   |   |   |   |   |   |
|                       |         |   |                        |   |                                             |   |   |   |   |   |   |
| Core (Tier 1) Capital      |  16,314 |   | 10.52%                      |   | > 6,200                                       |   | >4.00% |   |  >7,750 |   | >  5.00% |
| (to adjusted total assets) |         |   |                        |   |                                             |   |   |   |   |   |   |
|                       |         |   |                        |   |                                             |   |   |   |   |   |   |
| Tangible Capital           |  16,314 |   | 10.52%                      |   | > 2,325                                       |   | >1.50% |   | >-       |   | >-            |
| (to adjusted total assets) |         |   |                        |   |                                             |   |   |   |   |   |   |

----

Index

| Change in                    |     |   | Net Portfolio Value    |   | Net Portfolio Value as aPercentage of Present Value ofAssets |
|------------------------------|----------|--------|------------------------|--------|--------------------------------------------------------------|
| Interest Rates(basis points) |     |   | EstimatedNPV           |   | Amount ofChange                                              |   | Percent ofChange |   | NPV Ratio |   | Change in BasisPoints |
|                         |     |   | (Dollars in Thousands) |   |
|                         |     |   |                   |   |                                                         |   |   |   |   |   |   |   |   |   |   |   |
|  +                      | 300      |   |                   | $      | 14,961                                                       |   |   | $ | (7,309 | ) |   |   | (33 | %) |   |   | 9.52 | % |   |   | -384 |   |
|  +                      | 200      |   |                   |   | 18,157                                                       |   |   |   | (4,114 | ) |   |   | (18 | %) |   |   | 11.27 | % |   |   | -209 |   |
|  +                      | 100      |   |                   |   | 20,778                                                       |   |   |   | (1,492 | ) |   |   | (7 | %) |   |   | 12.64 | % |   |   | - 73 |   |
|  +                      |  50 |   |                   |   | 21,676                                                       |   |   |   | (594 | ) |   |   | ( 3 | %) |   |   | 13.08 | % |   |   | - 28 |   |
|                         | 0        |   |                   |   | 22,270                                                       |   |   |   | — |   |   |   | — |   |   |   | 13.36 | % |   |   | — |   |
|  -                      | 50       |   |                   |   | 22,565                                                       |   |   |   | 295 |   |   |   | 1 | % |   |   | 13.49 | % |   |   | 12 |   |
|  -                      | 100      |   |                   |   | 22,656                                                       |   |   |   | 386 |   |   |   | 2 | % |   |   | 13.51 | % |   |   | 14 |   |

----

Index

E

E

|   | (a) | Evaluation of disclosure controls and procedures. |
|--------|-----|---------------------------------------------------|

|   | (b) | Changes in Internal Controls over Financial Reporting. |
|--------|-----|--------------------------------------------------------|

----

Index

T

g

r

n

| Company Purchases of Common Stock            |
|----------------------------------------------|
| Period                                       | Totalnumber ofsharespurchased | Average pricepaid per share | Total number ofsharespurchased aspart of publiclyannouncedplans orprograms | Maximumnumber (orapproximatedollar value) ofshares that mayyet be purchasedunder the plans orprograms |
| July 1, 2009 through July 31, 2009           | - | $         - | 62,750 |       37,250 |
| August 1, 2009 through August 31, 2009       | - |            - | 62,750 |       37,250 |
| September 1, 2009 through September 30, 2009 | - |            - | 62,750 |       37,250 |

e

s

n

----

Index

x

|   | 3.1 | Federal Stock Charter of Flatbush Federal Bancorp, Inc.* |
|--------|-----|----------------------------------------------------------|

|   | 3.2 | Bylaws of Flatbush Federal Bancorp, Inc.* |
|--------|-----|-------------------------------------------|

|   | 4.0 | Form of common stock certificate of Flatbush Federal Bancorp, Inc. * |
|--------|-----|----------------------------------------------------------------------|

|   | 11.0 | Computation of earnings per share (filed herewith) |
|--------|------|----------------------------------------------------|

|   | 31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
|--------|------|----------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 (filed herewith). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

A

|   |              |   |                               |                           |
|--------|-------------------|--------|------------------------------------|--------------------------------|
|   |              |   | FLATBUSH FEDERAL BANCORP, INC.     |
|   |              |   |                               |                           |
|   |              |   |                               |                           |
| Date:  | November 16, 2009 |   | By:                                | /s/ Jesus R. Adia              |
|   |              |   | Jesus R. Adia                      |
|   |              |   | President and                      |
|   |              |   | Chief Executive Officer            |
|   |              |   |                               |                           |
|   |              |   |                               |                           |
|   |              |   |                               |                           |
| Date:  | November 16, 2009 |   | By:                                | /s/  John S. Lotardo |
|   |              |   | John S. Lotardo                    |
|   |              |   | Executive Vice President and Chief |
|   |              |   | Financial Officer                  |
|   |              |   |                               |                           |