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| x      | Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934    |
|--------|-----------------------------------------------------------------------------------------|
|   | For the fiscal year ended:  December 31, 2010                                 |
|   |                                                                                    |
|   | or                                                                                      |
| o      | Transition report pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934 |
|   | For the transition period from ______ to ______                                         |

| MINDEN BANCORP, INC.                                   |
|--------------------------------------------------------|
| (Exact name of Registrant as specified in its charter) |
| Louisiana                                              | 90-0610674 |
| (State or Other Jurisdiction of                        | (I.R.S. Employer |
| Incorporation or Organization)                         | Identification Number) |
|                                                   |   |
| 100 MBL Bank Drive, Minden, Louisiana                  | 71055 |
| (Address of Principal Executive Offices)               | (Zip Code) |

| Common Stock, $.01 par value per share |
|----------------------------------------|
| (Title of Class)                       |

| Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | YES o NO x |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |
| Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | YES o NO x |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.                                                                                                 YES x NO o |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (or for such shorter period that the registrant was required to submit and post such files).                                                                                                          YES o NO o                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

| Large accelerated filer | o | Accelerated filer         | o |
|-------------------------|---|---------------------------|---|
| Non-accelerated filer   | o | Smaller reporting company | x |

| (Do not check if a smaller reporting company)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                      |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | YES o NO x |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| As of June 30, 2010, the aggregate value of the 362,228 shares of Common Stock of Minden Bancorp, Inc., a federally chartered mid-tier holding company (“Predecessor”) and the predecessor to the Registrant issued and outstanding on such date, which excludes 800,112 shares held by the Registrant’s mutual holding company, Minden Mutual Holding Company, and 202,976 shares held by all directors and officers of the Registrant and the Registrant’s Employee Stock Ownership Plan (“ESOP”) as a group was approximately $5.2 million.  This figure is based on closing price of $14.25 per share of the Predecessor’s Common Stock on June 30, 2010.  Although directors and officers and the ESOP were assumed to be “affiliates” of the Registrant for purposes of this calculation, the classification is not to be interpreted as an admission of such status. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                      |
| Number of shares of common stock outstanding as of March 15, 2011: 2,382,137                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| DOCUMENTS INCORPORATED BY REFERENCE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| None                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

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|       |                                                                                                                   |   | Page   |
|------------|------------------------------------------------------------------------------------------------------------------------|--------|--------|
| PART I     |                                                                                                                   |   |   |
|       |                                                                                                                   |   |   |
| Item 1.    | Business                                                                                                               |   | 1      |   |
|       |                                                                                                                   |   |   |   |
| Item 1A.   | Risk Factors                                                                                                           |   | 36     |   |
|       |                                                                                                                   |   |   |   |
| Item 1B.   | Unresolved Staff Comments                                                                                              |   | 36     |   |
|       |                                                                                                                   |   |   |   |
| Item 2.    | Properties                                                                                                             |   | 36     |   |
|       |                                                                                                                   |   |   |   |
| Item 3.    | Legal Proceedings                                                                                                      |   | 36     |   |
|       |                                                                                                                   |   |   |   |
| Item 4.    | (Removed and Reserved)                                                                                                 |   | 36     |   |
|       |                                                                                                                   |   |   |   |
| PART II    |                                                                                                                   |   |   |
|       |                                                                                                                   |   |   |   |
| Item 5.    | Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |   | 37     |   |
|       |                                                                                                                   |   |   |   |
| Item 6.    | Selected Financial Data                                                                                                |   | 38     |   |
|       |                                                                                                                   |   |   |   |
| Item 7.    | Management’s Discussion and Analysis of Financial Condition and Results of  Operations                 |   | 40     |   |
|       |                                                                                                                   |   |   |   |
| Item 7A.   | Quantitative and Qualitative Disclosures about Market Risk                                                             |   | 53     |   |
|       |                                                                                                                   |   |   |   |
| Item 8.    | Financial Statements and Supplementary Data                                                                            |   | 54     |   |
|       |                                                                                                                   |   |   |   |
| Item 9.    | Changes in and Disagreements with Accountants on Accounting and Financial  Disclosure                        |   | 88     |   |
|       |                                                                                                                   |   |   |   |
| Item 9A.   | Controls and Procedures                                                                                                |   | 88     |   |
|       |                                                                                                                   |   |   |   |
| Item 9B.   | Other Information                                                                                                      |   | 88     |   |
|       |                                                                                                                   |   |   |   |
| Item 10.   | Directors, Executive Officers and Corporate Governance                                                                 |   | 89     |   |
|       |                                                                                                                   |   |   |   |
| Item 11.   | Executive Compensation                                                                                                 |   | 94     |   |
|       |                                                                                                                   |   |   |   |
| Item 12.   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                         |   | 98     |   |
|       |                                                                                                                   |   |   |   |
| Item 13.   | Certain Relationships and Related Transactions, and Director Independence                                              |   | 100    |   |
|       |                                                                                                                   |   |   |   |
| Item 14.   | Principal Accounting Fees and Services                                                                                 |   | 101    |   |
|       |                                                                                                                   |   |   |   |
| PART IV    |                                                                                                                   |   |   |
| Item 15.   | Exhibits and Financial Statement Schedules                                                                             |   | 102    |   |
|       |                                                                                                                   |   |   |   |
| SIGNATURES |                                                                                                                   | 103    |   |

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|                                                                                                                                                                                                                                                                                                                                             |   |                   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|---------|--------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                             |   | 2010                   |    |   | 2009   |   |   | 2008   |   |   | 2007    |   |   | 2006   |   |
|                                                                                                                                                                                                                                                                                                                                             |   | Amount                 |    |   | %      |   |   | Amount |   |   | %       |   |   | Amount |   |   | %      |   |    | Amount |   |   | %      |   |   | Amount |   |   | % |   |
|                                                                                                                                                                                                                                                                                                                                             |   | (Dollars in thousands) |    |
| Real estate loans:                                                                                                                                                                                                                                                                                                                               |   |                   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |
|    One- to four-family residential(1)                                                                                                                                                                                                                                                                                             |   | $                      | 56,281  |   |   |   | 43.30  | %      |   | $      | 54,364  |   |   |   | 45.70  | %      |   | $      | 51,191  |   |   |   | 45.11  | %      |   | $      | 43,166 |   |   |   | 47.29 | % |   | $ | 40,576 |   |   |   | 50.78 | % |
|    Commercial real estate                                                                                                                                                                                                                                                                                                         |   |                   | 27,131  |   |   |   | 20.87  |   |   |   | 17,946  |   |   |   | 15.09  |   |   |   | 15,493  |   |   |   | 13.65  |   |   |   | 9,347  |   |   |   | 10.24 |   |   |   | 9,594 |   |   |   | 12.01 |   |
|    Land                                                            |   |                   | 11,473  |   |   |   | 8.83   |   |   |   | 10,929  |   |   |   | 9.19   |   |   |   | 8,824   |   |   |   | 7.78   |   |   |   | 5,972  |   |   |   | 6.54 |   |   |   | 3,554 |   |   |   | 4.49 |   |
|    Construction                                                    |   |                   | 4,464   |   |   |   | 3.43   |   |   |   | 4,129   |   |   |   | 3.47   |   |   |   | 3,262   |   |   |   | 2.88   |   |   |   | 7,190  |   |   |   | 7.88 |   |   |   | 7,393 |   |   |   | 9.25 |   |
| Total real estate loans                                                                                                                                                                                                                                                                                                                          |   |                   | 99,349  |   |   |   | 76.43  |   |   |   | 87,368  |   |   |   | 73.45  |   |   |   | 78,770  |   |   |   | 69.42  |   |   |   | 65,675 |   |   |   | 71.95 |   |   |   | 61,152 |   |   |   | 76.53 |   |
| Consumer loans:                                                                                                                                                                                                                                                                                                                                  |   |                   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Consumer loans(2)                                                                                                                                                                                                                                                                                                              |   |                   | 12,156  |   |   |   | 9.35   |   |   |   | 12,688  |   |   |   | 10.67  |   |   |   | 11,055  |   |   |   | 9.74   |   |   |   | 8,975  |   |   |   | 9.83 |   |   |   | 6,731 |   |   |   | 8.43 |   |
|    Loans secured by deposits                                                                                                                                                                                                                                                                                                      |   |                   | 6,300   |   |   |   | 4.85   |   |   |   | 8,706   |   |   |   | 7.32   |   |   |   | 11,489  |   |   |   | 10.12  |   |   |   | 2,593  |   |   |   | 2.84 |   |   |   | 1,409 |   |   |   | 1.76 |   |
| Commercial business                                                                                                                                                                                                                                                                                                                              |   |                   | 12,177  |   |   |   | 9.37   |   |   |   | 10,190  |   |   |   | 8.56   |   |   |   | 12,163  |   |   |   | 10.72  |   |   |   | 14,043 |   |   |   | 15.38 |   |   |   | 10,610 |   |   |   | 13.28 |   |
| Total loans                                                                       |   |                   | 129,982 |   |   |   | 100.00 | %      |   |   | 118,952 |   |   |   | 100.00 | %      |   |   | 113,478 |   |   |   | 100.00 | %      |   |   | 91,286 |   |   |   | 100.00 | % |   |   | 79,902 |   |   |   | 100.00 | % |
| Less:                                                                                                                                                                                                                                                                                                                                            |   |                   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for loan losses                                                                                                                                                                                                                                                                                                                        |   |                   | 1,286   |   |   |   |   |   |   |   | 1,001   |   |   |   |   |   |   |   | 1,000   |   |   |   |   |   |   |   | 936    |   |   |   |   |   |   |   | 901 |   |   |   |   |   |
| Loans in process                                                                                                                                                                                                                                                                                                                                 |   |                   | 1,506   |   |   |   |   |   |   |   | 887     |   |   |   |   |   |   |   | 1,164   |   |   |   |   |   |   |   | 1,379  |   |   |   |   |   |   |   | 4,038 |   |   |   |   |   |
| Net loans                                                                         |   | $                      | 127,190 |   |   |   |   |   |   | $      | 117,064 |   |   |   |   |   |   | $      | 111,313 |   |   |   |   |   |   | $      | 88,971 |   |   |   |   |   |   | $ | 74,963 |   |   |   |   |   |

----

| (1) | At December 31, 2010, MBL Bank had $219,000 of loans held for sale.  At December 31, 2010, includes a small amount of lines of credit for business purposes secured by residential properties.  At December 31, 2010, such loans aggregated $2.6 million. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Consumer loans include automobile, boat, recreational vehicle, equipment and lease loans. At December 31, 2010, the primary components were $9.2 million of automobile, boat and recreational vehicle loans and $1.9 million of equipment loans. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                |   | At December 31, 2010                 |   |
|-----------------------------------------------------|--------|--------------------------------------|--------|
|                                                |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                |   |   One- toFour-FamilyResidential |   |   |   CommercialReal Estate |   |   | Land |   |   | Construction(1) |   |   | Consumer |   |   | Deposit |   |   |   CommercialBusinessLoans |   |   | Total |   |
|                                                |   | (In thousands)                       |   |
| Amounts due after December 31, 2010 in:        |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One year or less                                    |   | $                                    | 7,343  |   |   | $ | 12,531 |   |   | $ | 5,432 |   |   | $ | 4,108 |   |   | $ | 2,026 |   |   | $ | 2,534 |   |   | $ | 6,922 |   |   | $ | 40,896 |   |
| After one year through two years          |   |                                 | 4,178  |   |   |   | 2,046 |   |   |   | 2,317 |   |   |   | 356 |   |   |   | 2,362 |   |   |   | 3,591 |   |   |   | 976 |   |   |   | 15,826 |   |
| After two years through three  years |   |                                 | 4,743  |   |   |   | 3,709 |   |   |   | 2,378 |   |   |   | -- |   |   |   | 3,358 |   |   |   | 136 |   |   |   | 1,291 |   |   |   | 15,615 |   |
| After three years through five years           |   |                                 | 11,627 |   |   |   | 7,292 |   |   |   | 1,166 |   |   |   | -- |   |   |   | 3,734 |   |   |   | 39 |   |   |   | 2,988 |   |   |   | 26,846 |   |
| After five years through ten years             |   |                                 | 8,570  |   |   |   | 1,435 |   |   |   | 131 |   |   |   | -- |   |   |   | 588 |   |   |   | -- |   |   |   | -- |   |   |   | 10,724 |   |
| After ten years through 15 years               |   |                                 | 11,383 |   |   |   | 118 |   |   |   | 49 |   |   |   | -- |   |   |   | 88 |   |   |   | -- |   |   |   | -- |   |   |   | 11,638 |   |
| After 15 years                                      |   |                                 | 8,437  |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | 8,437 |   |
| Total                                               |   | $                                    | 56,281 |   |   | $ | 27,131 |   |   | $ | 11,473 |   |   | $ | 4,464 |   |   | $ | 12,156 |   |   | $ | 6,300 |   |   | $ | 12,177 |   |   | $ | 129,982 |   |

----

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|                                                                                                                                                                                                                                                                                                                                                                                                    |   |           |   |   |  Floating or Adjustable-Rate |   |              | Total at |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|-----------------------------------|--------|-------------------|----------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                    |   | Fixed-Rate     |   |   |                              |   | December 31, 2010 |     |
|                                                                                                                                                                                                                                                                                                                                                                                                    |   | (In thousands) |   |
| One- to four-family residential                                                             |   | $              | 47,070 |   |                              | $      | 9,211             |     |   | $ | 56,281 |   |
| Commercial real estate                                                                      |   |           | 12,939 |   |                              |   | 14,192            |     |   |   | 27,131 |   |
| Land                                                                                        |   |           | 3,207  |   |                              |   | 8,266             |     |   |   | 11,473 |   |
| Construction                                                                                |   |           | 4,040  |   |                              |   | 424               |     |   |   | 4,464 |   |
| Consumer                                                                                    |   |           | 9,950  |   |                              |   | 2,206             |     |   |   | 12,156 |   |
| Consumer secured by deposits                                                                |   |           | 6,060  |   |                              |   | 240               |     |   |   | 6,300 |   |
| Commercial business                                                                         |   |           | 1,729  |   |                              |   | 10,448            |     |   |   | 12,177 |   |
| Total                                                                                                                     |   | $              | 84,995 |   |                              | $      | 44,987            |     |   | $ | 129,982 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Year EndedDecember 31, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2010                   |   |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                |   | (In thousands)         |   |
| Loan originations:                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                   |   |   |   |   |   |   |   |   |   |   |
| One- to four-family residential                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                      | 21,412 |   |   | $ | 21,141 |   |   | $ | 24,193 |   |
| Commercial real estate                                                                                                                                                                                                                                                                                                                                                                                                              |   |                   | 19,232 |   |   |   | 10,399 |   |   |   | 10,959 |   |
| Land                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                   | 6,229  |   |   |   | 3,859 |   |   |   | 6,307 |   |
| Construction                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                   | 6,320  |   |   |   | 8,710 |   |   |   | 5,455 |   |
| Consumer                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                   | 31,654 |   |   |   | 13,115 |   |   |   | 31,624 |   |
| Commercial business                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                   | 9,612  |   |   |   | 14,427 |   |   |   | 17,194 |   |
| Total loan originations                                                                                                                                                                                                                                                                                                                                                                                                             |   |                   | 94,459 |   |   |   | 71,651 |   |   |   | 95,732 |   |
| Loans purchased                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                   | --     |   |   |   | -- |   |   |   | -- |   |
| Loans sold                                                                                          |   |                   | 4,998  |   |   |   | -- |   |   |   | -- |   |
| Loan principal repayments                                                                           |   |                   | 78,384 |   |   |   | 64,012 |   |   |   | 71,226 |   |
| Total loans sold and principal repayments                                                                                                                                                                                                                                                                                                                                                                                           |   |                   | 83,382 |   |   |   | 64,012 |   |   |   | 71,226 |   |
| Decrease due to other items, net(1)                                                                 |   |                   | (951   | ) |   |   | (1,888 | ) |   |   | (2,164 | ) |
| Net increase in total loans                                                                         |   | $                      | 10,126 |   |   | $ | 5,751 |   |   | $ | 22,342 |   |

----

| (1) | Other items consist of loans in process, deferred fees and the allowance for loan losses. |
|-----|-------------------------------------------------------------------------------------------|

----

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|                                |   | December 31, 2010 |   |   | December 31, 2009      |   |
|-------------------------------------|--------|-------------------|--------|--------|------------------------|--------|
|                                |   | 30-89Days Overdue |   |   | 90 or MoreDays Overdue |   |   | 30-89Days Overdue |   |   | 90 or MoreDays Overdue |   |
|                                |   | Numberof Loans    |   |   | PrincipalBalance       |   |   | Numberof Loans |   |   | PrincipalBalance |   |   | Numberof Loans |   |   | PrincipalBalance |   |   | Numberof Loans |   |   | PrincipalBalance |   |
|                                |   |              |   |   |                   |   |   |   |   |   | (Dollars in thousands) |   |   |   |   |   |   |   |
| One- to four-family residential     |   |              | 38     |   |                   | $      | 1,746 |   |   |   | 4 |   |   | $ | 248 |   |   |   | 40 |   |   | $ | 1,925 |   |   |   | 5 |   |   | $ | 619 |   |
| Commercial real estate and land     |   |              | 7      |   |                   |   | 688 |   |   |   | 1 |   |   |   | 4 |   |   |   | 1 |   |   |   | 7 |   |   |   | 1 |   |   |   | 7 |   |
| Construction                        |   |              | --     |   |                   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Consumer                            |   |              | 56     |   |                   |   | 345 |   |   |   | 12 |   |   |   | 86 |   |   |   | 42 |   |   |   | 283 |   |   |   | 11 |   |   |   | 103 |   |
| Commercial business                 |   |              | 2      |   |                   |   | 92 |   |   |   | -- |   |   |   | -- |   |   |   | 4 |   |   |   | 91 |   |   |   | -- |   |   |   | -- |   |
| Total delinquent loans              |   |              | 101    |   |                   |   | 2,871 |   |   |   | 17 |   |   |   | 338 |   |   |   | 87 |   |   | $ | 2,306 |   |   |   | -- |   |   | $ | 728 |   |
| Delinquent loans to total net loans |   |              |   |   |                   |   | 2.26 | % |   |   |   |   |   |   | .27 | % |   |   |   |   |   |   | 1.97 | % |   |   |   |   |   |   | .65 | % |
| Delinquent loans to total loans     |   |              |   |   |                   |   | 2.21 | % |   |   |   |   |   |   | .26 | % |   |   |   |   |   |   | 1.94 | % |   |   |   |   |   |   | .64 | % |

----

|                                                                                       |   | December 31,           |   |
|--------------------------------------------------------------------------------------------|--------|------------------------|--------|
|                                                                                       |   | 2010                   |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                                                                       |   | (Dollars in thousands) |   |
| Non-accruing loans:                                                                        |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One- to four-family residential                                                            |   | $                      | 363    |   |   | $ | 581 |   |   | $ | 521 |   |   | $ | 188 |   |   | $ | 17 |   |
| Commercial real estate and land                                                            |   |                   | 4      |   |   |   | -- |   |   |   | -- |   |   |   | 99 |   |   |   | -- |   |
| Construction                                                                               |   |                   | --     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Consumer                                                                                   |   |                   | 100    |   |   |   | 21 |   |   |   | 35 |   |   |   | 26 |   |   |   | 19 |   |
| Commercial business loans                                                                  |   |                   | --     |   |   |   | -- |   |   |   | -- |   |   |   |  -- |   |   |   |   -- |   |
| Total non-accruing loans                                                                   |   |                   | 467    |   |   |   |  602 |   |   |   | 556 |   |   |   | 313 |   |   |   | 38 |   |
| Accruing loans 90 days or more past due                                                    |   |                   | 37     |   |   |   |  222 |   |   |   | 240 |   |   |   | 925 |   |   |   | 244 |   |
| Total non-performing loans(1)                                                              |   |                   | 504    |   |   |   |  824 |   |   |   | 796 |   |   |   | 1,238 |   |   |   | 282 |   |
| Real estate owned(2)                                                                  |   |                   | 10     |   |   |   |  130 |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Total non-performing assets                                                                |   | $                      | 514    |   |   | $ | 954 |   |   | $ | 796 |   |   | $ | 1,238 |   |   | $ | 282 |   |
| Troubled debt restructured                                                                 |   |                   | 22     |   |   |   |   67 |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Total non-performing assets and troubled debt restructured                            |   | $                      | 536    |   |   | $ | 1,021 |   |   | $ | 796 |   |   | $ | 1,238 |   |   | $ | 282 |   |
| Total non-performing loans as a percentage of loans, net                                   |   |                   | 0.40   | %  |   |   | 0.70 | % |   |   | 0.72 | % |   |   | 1.39 | % |   |   | 0.37 | % |
| Total non-performing loans as a percentage of total assets                                 |   |                   | 0.20   | % |   |   | 0.39 | % |   |   | 0.41 | % |   |   | .97 | % |   |   | 0.25 | % |
| Total non-performing assets as a percentage of total assets                                |   |                   | 0.21   | % |   |   | 0.45 | % |   |   | 0.41 | % |   |   | .97 | % |   |   | 0.25 | % |
| Total non-performing assets and troubled debt restructured as a percentage of total assets |   |                   | 0.22   | % |   |   | 0.48 | % |   |   | 0.41 | % |   |   | .97 | % |   |   | 0.25 | % |

----

| (1) | Includes at December 31, 2010 eight troubled debt restructurings which were on non-accrual.  Six of the loans are consumer loans secured by automobiles, boats or equipment with an aggregate principal balance of approximately $42,000 at December 31, 2010. The other two loans were single-family residential mortgage loans with an aggregate principal balance of approximately $115,000 at December 31, 2010. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | At December 31, 2010, consisted of a repossessed automobile. |
|-----|--------------------------------------------------------------|

----

----

----

|                                                                                                                                                                                                                                                                                                                                                                   |   | At or for the Year Ended December 31, |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                   |   | 2010                                  |    |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                                                                                                                                                                                                                                                                                                                                                   |   |                                  |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Total loans outstanding at end of period                                                                                                                                                                                                                                                                                                                               |   | $                                     | 129,982 |   |   | $ | 118,952 |   |   | $ | 113,478 |   |   | $ | 91,286 |   |   | $ | 79,902 |   |
| Average loans outstanding                                                                                                                                                                                                                                                                                                                                              |   |                                  | 123,993 |   |   |   | 116,691 |   |   |   | 99,251 |   |   |   | 82,055 |   |   |   | 74,113 |   |
| Allowance for loan losses, beginning of period                                                                                                                                                                                                                                                                                                                         |   |                                  | 1,001   |   |   |   | 1,000 |   |   |   | 936 |   |   |   | 901 |   |   |   | 837 |   |
| Provision for loan losses                                                                                                                                                                                                                                                                                                                                              |   |                                  | 370     |   |   |   | 60 |   |   |   | 210 |   |   |   | 77 |   |   |   | 95 |   |
| Charge-offs:                                                                                                                                                                                                                                                                                                                                                           |   |                                  |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One- to four-family residential                                                                                                                                                                                                                                                                                                                                        |   |                                  | 54      |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Commercial real estate                                                                                                                                                                                                                                                                                                                                                 |   |                                  | --      |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | 3 |   |
| Land                                                            |   |                                  | --      |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Construction                                                                                                                                                                                                                                                                                                                                                           |   |                                  | --      |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Consumer non-real estate                                                                                                                                                                                                                                                                                                                                               |   |                                  | 68      |   |   |   |  64 |   |   |   | 164 |   |   |   | 46 |   |   |   | 31 |   |
| Commercial business                                                                                                                                                                                                                                                                                                                                                    |   |                                  | --      |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   |  -- |   |
|         Total charge-offs                                                                                                                                                                                                                                                                                                 |   |                                  | 122     |   |   |   |  64 |   |   |   | 164 |   |   |   | 46 |   |   |   | 34 |   |
| Recoveries on loans previously charged off                                                                                                                                                                                                                                                                                                                             |   |                                  | 37      |   |   |   | 5 |   |   |   | 18 |   |   |   | 4 |   |   |   | 3 |   |
| Allowance for loan losses, end of period                                                                                                                                                                                                                                                                                                                               |   | $                                     | 1,286   |   |   | $ |  1,001 |   |   | $ |  1,000 |   |   | $ | 936 |   |   | $ | 901 |   |
| Allowance for loan losses as a percent of non-performing loans                                                                                                                                                                                                                                                                                                         |   |                                  | 255.16  | % |   |   | 121.48 | % |   |   | 125.63 | % |   |   | 75.60 | % |   |   | 319.50 | % |
| Ratio of net charge-offs during the period to average loans outstanding during the period                                                                                                                                                                                                                                                                              |   |                                  | 0.07    | % |   |   | 0.05 | % |   |   | 0.15 | % |   |   | 0.05 | % |   |   | 0.04 | % |

----

|                            |   | 2010                   |   |   | 2009                             |   |   | 2008                |   |   | 2007                             |   |   | 2006                |   |
|---------------------------------|--------|------------------------|--------|--------|----------------------------------|--------|--------|---------------------|--------|--------|----------------------------------|--------|--------|---------------------|--------|
|                            |   | Amount of Allowance    |   |   | LoanCategoryas a % ofTotal Loans |   |   | Amount of Allowance |   |   | LoanCategoryas a % ofTotal Loans |   |   | Amount of Allowance |   |   | LoanCategoryas a % ofTotal Loans |   |   | Amount of Allowance |   |   | LoanCategoryas a % ofTotal Loans |   |   | Amount of Allowance |   |   | LoanCategoryas a % ofTotal Loans |   |
|                            |   | (Dollars in thousands) |   |
| One-to four-family residential  |   | $                      | 188    |   |                             |   | 14.62  | %                   |   | $      | 246                              |   |   |                | 45.70  | % |   | $ | 176 |   |   |   | 45.11 | % |   | $ | 162 |   |   |   | 47.29 | % |   | $ | 140 |   |   |   | 50.78 | % |
| Commercial real estate and land |   |                   | 506    |   |                             |   | 39.35  |                |   |   | 271                              |   |   |                | 24.28  |   |   |   | 258 |   |   |   | 21.43 |   |   |   | 284 |   |   |   | 16.78 |   |   |   | 295 |   |   |   | 16.50 |   |
| Construction                    |   |                   | --     |   |                             |   | --     |                |   |   | --                               |   |   |                | 3.47   |   |   |   | -- |   |   |   | 2.88 |   |   |   | -- |   |   |   | 7.88 |   |   |   | -- |   |   |   | 9.25 |   |
| Consumer-other                  |   |                   | 369    |   |                             |   | 28.69  |                |   |   | 316                              |   |   |                | 10.67  |   |   |   | 340 |   |   |   | 9.74 |   |   |   | 209 |   |   |   | 9.83 |   |   |   | 207 |   |   |   | 8.43 |   |
| Consumer-deposit                |   |                   | --     |   |                             |   | --     |                |   |   | --                               |   |   |                | 7.32   |   |   |   | -- |   |   |   | 10.12 |   |   |   | -- |   |   |   | 2.84 |   |   |   | -- |   |   |   | 1.76 |   |
| Commercial business             |   |                   | 223    |   |                             |   | 17.34  |                |   |   | 168                              |   |   |                | 8.56   |   |   |   | 226 |   |   |   | 10.72 |   |   |   | 281 |   |   |   | 15.38 |   |   |   | 259 |   |   |   | 13.28 |   |
| Total                           |   | $                      | 1,286  |   |                             |   | 100.00 | %                   |   | $      | 1,001                            |   |   |                | 100.00 | % |   | $ | 1,000 |   |   |   | 100.00 | % |   | $ | 936 |   |   |   | 100.00 | % |   | $ | 901 |   |   |   | 100.00 | % |

----

|                                                                                                                                                                                                        |   |           |   |   |        |   |   |          |   |   |        |   |   |          |   |   |        |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|-------------|--------|--------|---------------|--------|--------|-------------|--------|--------|---------------|--------|--------|-------------|--------|
|                                                                                                                                                                                                        |   | 2010           |   |   | 2009        |   |   | 2008          |   |
|                                                                                                                                                                                                        |   | AmortizedCost  |   |   | MarketValue |   |   | AmortizedCost |   |   | MarketValue |   |   | AmortizedCost |   |   | MarketValue |   |
|                                                                                                                                                                                                        |   | (In thousands) |   |
| Securities available-for-sale:                                                                                                                                                                              |   |           |   |   |        |   |   |          |   |   |        |   |   |          |   |   |        |   |
| Mortgage-backed securities                                                                                                                                                                                  |   | $              | 19,879 |   |        | $      | 20,058 |          |   | $      | 13,878      |   |   | $             | 14,067 |   |        | $      | 9,912 |   |   | $ | 9,784 |   |
| U.S. Government and agency obligations                                                                                                                                                            |   |           | 35,118 |   |        |   | 35,224 |          |   |   | 28,608      |   |   |          | 28,528 |   |        |   | 30,517 |   |   |   | 30,830 |   |
| Municipal obligations                                                                                                                                                                                       |   |           | 230    |   |        |   | 234    |          |   |   | 230         |   |   |          | 240    |   |        |   | 230 |   |   |   | 236 |   |
| Equity securities                                |   |           | 11     |   |        |   | 4      |          |   |   | 11          |   |   |          | 16     |   |        |   | 11 |   |   |   | 8 |   |
| Mutual funds                                     |   |           | 6,795  |   |        |   | 6,916  |          |   |   | 7,779       |   |   |          | 7,779  |   |        |   | 10,851 |   |   |   | 8,029 |   |
| Total securities available-for-sale                                                                                                                                                                         |   |           | 62,033 |   |        |   | 62,436 |          |   |   | 50,506      |   |   |          | 50,630 |   |        |   | 51,521 |   |   |   | 48,887 |   |
| Securities held to maturity:                                                                                                                                                                                |   |           |   |   |        |   |   |          |   |   |        |   |   |          |   |   |        |   |   |   |   |   |   |   |
|    Certificates of deposit                                                                                                                                                                   |   |           | --     |   |        |   | --     |          |   |   | --          |   |   |          | --     |   |        |   | -- |   |   |   | -- |   |
| Mortgage-backed securities                                                                                                                                                                                  |   |           | 139    |   |        |   | 140    |          |   |   | 166         |   |   |          | 168    |   |        |   | 595 |   |   |   | 595 |   |
| Total securities held to maturity                                                                                                                                                                 |   |           | 139    |   |        |   | 140    |          |   |   | 166         |   |   |          | 168    |   |        |   | 595 |   |   |   | 595 |   |
| FHLB stock                                                                                                        |   |           | 239    |   |        |   | 239    |          |   |   | 238         |   |   |          | 238    |   |        |   | 238 |   |   |   | 238 |   |
| Total investment and mortgage-backed securities and FHLB stock                                                                                                                                         |   | $              | 62,411 |   |        | $      | 62,815 |          |   | $      | 50,910      |   |   | $             | 51,036 |   |        | $      | 52,354 |   |   | $ | 49,720 |   |

----

|                                                                                                                                                                                                                                                                                                                                   |   | Amounts at December 31, 2010, Which Mature In |     |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|----------|
|                                                                                                                                                                                                                                                                                                                                   |   |                                          |     |   | After One to FiveYears |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                   |   | One Yearor Less                               |     |   |   |   | After Five to 10 Years |   |   | Over 10 Years |   |   | Total |   |
|                                                                                                                                                                                                                                                                                                                                   |   | (Dollars in thousands)                        |     |
| Available-for-sale:                                                                                                                                                                                                                                                                                                                    |   |                                          |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage-backed securities                                                   |   | $                                             | 16       |   |   | $ |  109 |   |   | $ | 4,929 |   |   | $ | 14,825 |   |   | $ | 19,879 |   |
| U.S. Government and agency obligations                                                                                                                                                                                                                                                                                                 |   |                                          | 2,037    |   |   |   | 33,081 |   |   |   | -- |   |   |   | -- |   |   |   | 35,118 |   |
| Municipal obligations                                                        |   |                                          | 230      |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | 230 |   |
| Total                                                                                            |   | $                                             | 2,283    |   |   | $ | 33,190 |   |   | $ | 4,929 |   |   | $ | 14,825 |   |   | $ | 55,227 |   |
| Weighted average yield                                                                           |   |                                          | 1.30     | % |   |   | 1.54 | % |   |   | 2.47 | % |   |   | 2.43 | % |   |   | 1.85 | % |
| Held to maturity:                                                                                                                                                                                                                                                                                                                      |   |                                          |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage-backed securities                                                   |   | $                                             |  -- |   |   | $ | 19 |   |   | $ |  -- |   |   | $ | 120 |   |   | $ | 139 |   |
| Total                                                                                            |   |                                          | --       |   |   |   | 19 |   |   |   | -- |   |   |   | 120 |   |   |   | 139 |   |
| Weighted average yield                                                                           |   |                                          | --       | % |   |   | 4.21 | % |   | -- | % |   |   | 3.77 | % |   |   | 3.83 | % |
| Total investment securities:                                                                                                                                                                                                                                                                                                           |   |                                          |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage-backed securities                                                   |   | $                                             | 16       |   |   | $ | 128 |   |   | $ | 4,929 |   |   | $ | 14,946 |   |   | $ | 20,018 |   |
| U.S. Government and agency obligations                                                                                                                                                                                                                                                                                                 |   |                                          | 2,037    |   |   |   | 33,081 |   |   |   | -- |   |   |   | -- |   |   |   | 35,118 |   |
| Municipal obligations                                                        |   |                                          | 230      |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | 230 |   |
| Total                                                                                                                                                                                                                                                                                                                                  |   | $                                             | 2,283    |   |   | $ | 33,208 |   |   | $ | 4,929 |   |   | $ | 14,946 |   |   | $ | 55,366 |   |
| Weighted average yield                                                                      |   |                                          | 1.30     | % |   |   | 1.54 | % |   |   | 2.47 | % |   |   | 2.44 | % |   |   | 1.86 | % |

----

|                             |   | December 31,   |   |
|----------------------------------|--------|----------------|--------|
|                             |   | 2010           |   |   | 2009 |   |   | 2008 |   |
|                             |   | (In thousands) |   |
| Fixed-rate:                      |   |           |   |   |   |   |   |   |   |
| Available-for-sale               |   | $              | 7,854  |   |   | $ |  40 |   |   | $ | 41 |   |
| Held to maturity                 |   |           | --     |   |   |   | -- |   |   |   | -- |   |
| Total fixed-rate                 |   |           | 7,854  |   |   |   | 40 |   |   |   | 41 |   |
| Adjustable-rate:                 |   |           |   |   |   |   |   |   |   |   |   |   |
| Available-for-sale               |   |           | 12,025 |   |   |   | 13,838 |   |   |   | 9,871 |   |
| Held to maturity                 |   |           | 139    |   |   |   |  166 |   |   |   |  195 |   |
| Total adjustable-rate            |   |           | 12,164 |   |   |   | 14,004 |   |   |   | 10,066 |   |
| Total mortgage-backed securities |   | $              | 20,018 |   |   | $ | 14,044 |   |   | $ | 10,107 |   |

----

----

|                                                                                                                                                                                                               |   | December 31, 2010      |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|---------|
|                                                                                                                                                                                                               |   | 2010                   |    |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                               |   | Amount                 |    |   | % of Deposits |   |   | Amount |   |   | % of Deposits |   |   | Amount |   |   | % of Deposits |   |
|                                                                                                                                                                                                               |   |                   |    |
|                                                                                                                                                                                                               |   | (Dollars in thousands) |    |
| Certificate accounts:                                                                                                                                                                                              |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 0.01% - 0.99%                                                     |   | $                      | 104     |   |   |   | .05 | % |   | $ | 3 |   |   |   | -- | % |   | $ | -- |   |   |   | -- | % |
| 1.00% - 1.99%                                                     |   |                   | 72,329  |   |   |   | 34.11 |   |   |   | 36,884 |   |   |   | 19.64 |   |   |   | 958 |   |   |   | 0.56 |   |
| 2.00% - 2.99%                                                     |   |                   | 6,282   |   |   |   | 2.96 |   |   |   | 34,291 |   |   |   | 18.26 |   |   |   | 15,788 |   |   |   | 9.21 |   |
| 3.00% - 3.99%                                                     |   |                   | 451     |   |   |   | .21 |   |   |   | 4,564 |   |   |   | 2.43 |   |   |   | 50,249 |   |   |   | 29.32 |   |
| 4.00% - 4.99%                                                     |   |                   | 336     |   |   |   | 0.16 |   |   |   | 387 |   |   |   | 0.21 |   |   |   | 4,283 |   |   |   | 0.66 |   |
| 5.00% - 5.99%                                                     |   |                   | --      |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   |  1,124 |   |   |   | 2.50 |   |
| Total certificate accounts                                                                                                                                                                                    |   | $                      | 79,502  |   |   |   | 37.49 | % |   | $ | 76,129 |   |   |   | 40.54 | % |   | $ | 72,402 |   |   |   | 42.25 | % |
|                                                                                                                                                                                                               |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transaction accounts:                                                                                                                                                                                              |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savings                                                           |   |                   | 13,500  |   |   |   | 6.37 |   |   |   | 12,301 |   |   |   | 6.55 |   |   |   | 11,016 |   |   |   | 6.43 |   |
| Checking:                                                                                                                                                                                                          |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Interest-bearing                                      |   |                   | 19,225  |   |   |   | 9.06 |   |   |   | 20,203 |   |   |   | 10.76 |   |   |   | 13,642 |   |   |   | 7.96 |   |
|   Non-interest-bearing                                                                                                                                                                                   |   |                   | 33,805  |   |   |   | 15.94 |   |   |   | 29,868 |   |   |   | 15.91 |   |   |   | 26,676 |   |   |   | 15.57 |   |
| Money market                                                      |   |                   | 66,053  |   |   |   | 31.14 |   |   |   | 49,265 |   |   |   | 26.24 |   |   |   | 47,616 |   |   |   | 27.79 |   |
| Total transaction accounts                              |   |                   | 132,583 |   |   |   | 62.51 |   |   |   | 111,637 |   |   |   | 59.46 |   |   |   | 98,950 |   |   |   | 57.75 |   |
| Total deposits                                                                                                                                                                                                |   | $                      | 212,085 |   |   |   | 100.00 | % |   | $ | 187,766 |   |   |   | 100.00 | % |   | $ | 171,352 |   |   |   | 100.00 | % |

|                                   |   | Year Ended December 31, |    |
|----------------------------------------|--------|-------------------------|---------|
|                                   |   | 2010                    |    |   | 2009 |   |   | 2008 |   |
|                                   |   | (In thousands)          |    |
| Total deposits                         |   | $                       | 985,003 |   |   | $ | 800,051 |   |   | $ | 862,091 |   |
| Total withdrawals                      |   |                    | 962,586 |   |   |   | 786,339 |   |   |   | 789,777 |   |
| Interest credited                      |   |                    | 1,902   |   |   |   | 2,702 |   |   |   | 3,550 |   |
| Total increase (decreases) in deposits |   | $                       | 24,319  |   |   | $ | 16,414 |   |   | $ | 75,864 |   |

|                                                            |   | At December 31, 2010   |   |
|-----------------------------------------------------------------|--------|------------------------|--------|
| Quarter Ending:                                                 |   | Amount                 |   |   | Weighted Average Rate |   |
|                                                            |   | (Dollars in thousands) |   |
| March 31, 2011                                                  |   | $                      | 6,461  |   |   |   | 1.51 | % |
| June 30, 2011                                                   |   |                   | 7,113  |   |   |   | 1.65 |   |
| September 30, 2011                                              |   |                   | 8,273  |   |   |   | 1.81 |   |
| December 31, 2011                                               |   |                   | 9,774  |   |   |   | 1.71 |   |
| After December 31, 2011                                         |   |                   | 4,054  |   |   |   | 1.95 |   |
| Total certificates of deposit with balances of $100,000 or more |   | $                      | 35,675 |   |   |   | 1.71 | % |

----

|                                         |   | 2010                   |         |   | 2009            |   |     | 2008              |   |
|----------------------------------------------|--------|------------------------|--------------|--------|-----------------|--------|----------|-------------------|--------|
|                                         |   | AverageBalance         |         |   | InterestExpense |   |     | Average Rate Paid |   |   | AverageBalance |   |   | InterestExpense |   |   | Average Rate Paid |   |   | AverageBalance |   |   | InterestExpense |   |   | Average Rate Paid |   |
|                                         |   | (Dollars in thousands) |         |
| Savings accounts                             |   | $                      | 12,948       |   |            | $      | 26       |              |   |   | 0.20 | % |   | $ | 12,125 |   |   | $ | 30 |   |   |   | 0.25 | % |   | $ | 11,175 |   |   | $ | 52 |   |   |   | 0.47 | % |
| Checking – interest bearing  |   |                   | 20,057       |   |            |   | 51       |              |   |   | 0.25 |   |   |   | 16,608 |   |   |   | 59 |   |   |   | 0.36 |   |   |   | 9,198 |   |   |   | 51 |   |   |   | 0.55 |   |
| Money market                                 |   |                   | 52,220       |   |            |   | 371      |              |   |   | 0.71 |   |   |   | 47,280 |   |   |   | 493 |   |   |   | 1.04 |   |   |   | 30,585 |   |   |   | 403 |   |   |   | 1.31 |   |
| Certificates of deposit                 |   |                   |  76,622 |   |            |   | 1,396    |              |   |   | 1.82 |   |   |   |  69,010 |   |   |   | 1,865 |   |   |   | 2.70 |   |   |   |  67,512 |   |   |   | 2,699 |   |   |   | 4.00 |   |
| Total interest-bearing deposits              |   |                   | 161,847      |   |            |   | 1,844    |              |   |   | 1.14 |   |   |   | 145,623 |   |   |   | 2,447 |   |   |   | 1.68 |   |   |   | 118,470 |   |   |   | 3,205 |   |   |   | 2.70 |   |
| Non-interest-bearing deposits           |   |                   |  23,803 |   |            |   |  -- |              |   |   |  -- |   |   |   |  21,007 |   |   |   |  -- |   |   |   |  -- |   |   |   |  18,300 |   |   |   |  -- |   |   |   |  -- |   |
| Total deposits                |   | $                      | 185,650      |   |            | $      | 1,844    |              |   |   | 0.99 | % |   | $ | 166,630 |   |   | $ | 2,447 |   |   |   | 1.47 | % |   | $ | 136,778 |   |   | $ | 3,205 |   |   |   | 2.34 | % |

----

|                       |   | Balance at December 31, 2010Maturing in the 12 Months Ending December 31, |   |
|----------------------------|--------|---------------------------------------------------------------------------|--------|
| Certificates of Deposit    |   | 2011                                                                      |   |   | 2012 |   |   | 2013 |   |   | Thereafter |   |   | Total |   |
|                       |   | (In thousands)                                                            |   |
| 0.01% -0.99%               |   | $                                                                         | 102    |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | 102 |   |
| 1.00% - 1.99%              |   |                                                                      | 61,816 |   |   |   | 6,249 |   |   |   | 124 |   |   |   | -- |   |   |   | 68,189 |   |
| 2.00% - 2.99%              |   |                                                                      | 4,473  |   |   |   | 356 |   |   |   | 685 |   |   |   | -- |   |   |   | 5,514 |   |
| 3.00% - 3.99%              |   |                                                                      | 282    |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | 282 |   |
| 4.00% - 4.99%              |   |                                                                      | 31     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | 31 |   |
| 5.00% - 5.99%              |   |                                                                      | --     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Total certificate accounts |   | $                                                                         | 66,704 |   |   | $ | 6,605 |   |   | $ | 809 |   |   | $ | -- |   |   | $ | 74,118 |   |

----

|                                                                                                                                                                                                                                                                                                                                                      |   | At or For the Year Ended |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                      |   | December 31,             |   |
|                                                                                                                                                                                                                                                                                                                                                      |   | 2010                     |   |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                                      |   |                     |   |   |   |   |   |   |   |
| FHLB advances and other borrowings:                                                                                                                                                                                                                                                                                                                       |   |                     |   |   |   |   |   |   |   |
| Average balance outstanding                                                      |   | $                        | --     |   |   | $ | 13 |   |   | $ | 2,813 |   |
| Maximum amount outstanding at any month-end during the period                                                                                                                                                                                                                                                                                             |   |                     | --     |   |   |   | -- |   |   |   | 12,000 |   |
| Balance outstanding at end of period                                                                                                                                                                                                                                                                                                                      |   |                     | --     |   |   |   | -- |   |   |   | -- |   |
| Average interest rate during the period                                                                                                                                                                                                                                                                                                                   |   |                     | --     | % |   |   | -- | % |   |   | 2.5 | % |
| Weighted average interest rate at end of period                                                                                                                                                                                                                                                                                                           |   |                     | --     | % |   |   | -- | % |   |   | -- | % |

----

|   | ● | A new independent consumer financial protection bureau will be established within the Federal Reserve Board, empowered to exercise broad regulatory, supervisory and enforcement authority with respect to both new and existing consumer financial protection laws. Smaller state-chartered financial institutions, like MBL Bank, will be subject to the supervision and enforcement by the Federal Deposit Insurance Corporation rather than the Office of Thrift Supervision with respect to the federal consumer financial protection laws. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ● | The current prohibition on payment of interest on demand deposits was repealed, effective July 21, 2011. |
|--------|---------|----------------------------------------------------------------------------------------------------------|

|   | ● | Deposit insurance is permanently increased to $250,000 and unlimited deposit insurance for non-interest-bearing transaction accounts extended through January 1, 2013. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Deposit insurance assessment base calculation will equal the depository institution’s total assets minus the sum of its average tangible equity during the assessment period. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | The minimum reserve ratio of the Deposit Insurance Fund increased to 1.35 percent of estimated annual insured deposits or assessment base; however, the Federal Deposit Insurance Corporation is directed to “offset the effect” of the increased reserve ratio for insured depository institutions with total consolidated assets of less than $10 billion. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Authority over savings and loan holding companies will transfer to the Federal Reserve Board. |
|--------|---------|-----------------------------------------------------------------------------------------------|

|   | ● | Leverage capital requirements and risk based capital requirements applicable to depository institutions and bank holding companies will be extended to savings and loan holding companies. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Tier 1 capital treatment for “hybrid” capital items like trust preferred securities is eliminated subject to various grandfathering and transition rules. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | The Federal Deposit Insurance Act was amended to direct federal regulators to require depository institution holding companies to serve as a source of strength for their depository institution subsidiaries. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | The Securities and Exchange Commission is authorized to adopt rules requiring public companies to make their proxy materials available to shareholders for nomination of their own candidates for election to the board of directors. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Public companies will be required to provide their shareholders with a non-binding vote: (i) at least once every three years on the compensation paid to executive officers, and (ii) at least once every six years on whether they should have a “say on pay” vote every one, two or three years. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | A separate, non-binding shareholder vote will be required regarding golden parachutes for named executive officers when a shareholder vote takes place on mergers, acquisitions, dispositions or other transactions that would trigger the parachute payments. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ● | Securities exchanges will be required to prohibit brokers from using their own discretion to vote shares not beneficially owned by them for certain “significant” matters, which include votes on the election of directors, executive compensation matters, and any other matter determined to be significant. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Stock exchanges, which does not include the OTC Bulletin Board, will be prohibited from listing the securities of any issuer that does not have a policy providing for (i) disclosure of its policy on incentive compensation payable on the basis of financial information reportable under the securities laws, and (ii) the recovery from current or former executive officers, following an accounting restatement triggered by material noncompliance with securities law reporting requirements, of any incentive compensation paid erroneously during the three-year period preceding the date on which the restatement was required that exceeds the amount that would have been paid on the basis of the restated financial information. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Disclosure in annual proxy materials will be required concerning the relationship between the executive compensation paid and the financial performance of the issuer. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Item 402 of Regulation S-K promulgated by the Securities and Exchange Commission will be amended to require companies to disclose the ratio of the chief executive officer’s annual total compensation to the median annual total compensation of all other employees. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Smaller reporting companies are exempt from complying with the internal control auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Regulation of Minden Bancorp |
|------------------------------|

----

| Regulation of MBL Bank |
|------------------------|

----

----

| Capital Category                                                                                                                                                       |   | TotalRisk-Based Capital |   | Tier 1Risk-Based Capital |   | Tier 1Leverage Capital |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|--------|--------------------------|--------|------------------------|
| Well capitalized                                                                                                                                                       |   | 10% or more             |   | 6% or more               |   | 5% or more             |
| Adequately capitalized                         |   | 8% or more              |   | 4% or more               |   | 4% or more             |
| Undercapitalized                                                                                                                                                       |   | Less than 8%            |   | Less than 4%             |   | Less than 4%           |
| Significantly undercapitalized                                                                                                                                         |   | Less than 6%            |   | Less than 3%             |   | Less than 3%           |

|                                                                                                                                                                               |   | Actual                 |   |   | Required for Capital Adequacy Purposes |   | To Be Well CapitalizedUnder Prompt CorrectiveAction Provisions |   |   | Excess Over Well-Capitalized Provisions |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|--------|--------|----------------------------------------|--------|----------------------------------------------------------------|--------|--------|-----------------------------------------|--------|
|                                                                                                                                                                               |   |  Amount           |   |   | Ratio                                  |   |                                                           | Amount |   |                                    | Ratio  |   |   | Amount |   |   | Ratio |   |   | Amount |   |   | Ratio |   |
|                                                                                                                                                                               |   | (Dollars in thousands) |   |
| Tier 1 risk-based capital                                                                                                                                                          |   | $                      | 23,143 |   |                                   |   | 19.15                                                          | %      |   |                                    | N/A    |   |   |   | N/A |   |   | $ | 7,250 |   |   |   | 6.0 | % |   | $ | 15,893 |   |   |   | 13.15 | % |
| Total risk-based capital                                                                                                                                                           |   |                   | 24,480 |   |                                   |   | 20.26                                                          |   |   | $                                       | 9,666  |   |   |   | 8.0 | % |   |   | 12,083 |   |   |   | 10.0 |   |   |   | 12,397 |   |   |   | 10.26 |   |
| Tier 1 leverage capital                                                                                                                                                            |   |                   | 23,143 |   |                                   |   | 9.37                                                           |   |   |                                    | 9,875  |   |   |   | 4.0 |   |   |   | 12,350 |   |   |   | 5.0 |   |   |   | 10,793 |   |   |   | 4.37 |   |
| Tangible capital                            |   |                   | 23,143 |   |                                   |   | 9.37                                                           |   |   |                                    | 3,705  |   |   |   | 1.5 |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |   |   | N/A |   |

----

|   | ● | Making any new investments or engaging in any new activity not allowed for both a national bank and a savings association; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------|

|   | ● | Establishing any new branch office unless allowable for a national bank; and |
|--------|---------|------------------------------------------------------------------------------|

|   | ● | Paying dividends unless allowable for a national bank. |
|--------|---------|--------------------------------------------------------|

----

----

----

----

----

| State and Local Taxation |
|--------------------------|

|   | (a) | 20% of our capitalized earnings, plus |
|--------|-----|---------------------------------------|

|   | (b) | 80% of our taxable stockholders’ equity, minus |
|--------|-----|------------------------------------------------------|

|   | (c) | 50% of our real and personal property assessment. |
|--------|-----|---------------------------------------------------|

|                    |   |         |   | Net Book Value |   |   | Amount of |   |
|-------------------------|--------|--------------|--------|----------------|--------|--------|-----------|--------|
| Description/Address     |   | Leased/Owned |   | of Property    |   |   | Deposits  |   |
| Main Office:            |   |         |   | (In thousands) |   |
| 100 MBL Bank Drive      |   |         |   |           |   |   |      |   |
| Minden, Louisiana 71055 |   | Owned        |   | $              | 3,095  |   |      | $      | 209,392 |   |
|                    |   |         |   |           |   |   |      |   |   |   |
| Branch Office:          |   |         |   |           |   |   |      |   |   |   |
| 415 Main Street         |   |         |   |           |   |   |      |   |   |   |
| Minden, Louisiana 71055 |   | Owned        |   |           | 1,665  |   |      |   | 2,693 |   |
|                    |   |         |   |           |   |   |      |   |   |   |
| Total                   |   |         |   | $              | 4,760  |   |      | $      | 212,085 |   |

----

|   | (a) | Minden Bancorp’s common stock is quoted on the OTC Bulletin Board under the symbol “MDNB.” |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                              |   | Stock Price Per Share |   |   | Cash Dividends |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|----------------|--------|
| Quarter ended:                                                                                                                                                                                                                                                                                                                                                    |   | High                  |   |   | Low            |   |   | Per Share |   |
| December 31, 2010                                                                   |   | $                     | 19.00  |   |           | $      | 15.00 |   |   | $ | .22 |   |
| September 30, 2010                                                                  |   |                  | 15.10  |   |           |   | 14.25 |   |   |   | 0.11 |   |
| June 30, 2010                                                                       |   |                  | 15.00  |   |           |   | 12.80 |   |   |   | 0.11 |   |
| March 31, 2010                                                                      |   |                  | 15.25  |   |           |   | 12.89 |   |   |   | 0.11 |   |
|                                                                                                                                                                                                                                                                                                                                                              |   |                  |   |   |           |   |   |   |   |   |   |   |
| December 31, 2009                                                                   |   |                  | 14.50  |   |           |   | 14.50 |   |   |   | 0.11 |   |
| September  30, 2009                                                       |   |                  | 15.00  |   |           |   | 15.00 |   |   |   | 0.11 |   |
| June 30, 2009                                                                       |   |                  | 15.25  |   |           |   | 15.25 |   |   |   | 0.11 |   |
| March 31, 2009                                                                      |   |                  | 15.00  |   |           |   | 11.00 |   |   |   | 0.11 |   |

|   | (c) | Minden Bancorp did not repurchase any shares of its common stock during the three months ended December 31, 2010. It did not have any announced repurchase program in effect at any time during such period. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                             |   | At December 31, |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|---------|
|                                                                                                                                                                                                                                                                                                                                             |   | 2010            |    |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                        |   | (In thousands)  |    |
| Selected Financial Data:                                                                                                                                                                                                                                                                                                                         |   |            |    |   |   |   |   |   |   |
| Total assets                                                                                                                                                                                                                                                                                                                                     |   | $               | 247,751 |   |   | $ | 210,858 |   |   | $ | 192,898 |   |
| Cash and cash equivalents                                                              |   |            | 48,702  |   |   |   | 33,514 |   |   |   | 22,603 |   |
| Investment securities:                                                                                                                                                                                                                                                                                                                           |   |            |    |   |   |   |   |   |   |   |   |   |
|    Held to maturity                                                     |   |            | 139     |   |   |   | 166 |   |   |   | 595 |   |
|    Available for sale                                                   |   |            | 62,436  |   |   |   | 50,630 |   |   |   | 48,887 |   |
| FHLB stock                                                                             |   |            | 239     |   |   |   | 238 |   |   |   | 238 |   |
| Loans receivable, net                                                                  |   |            | 127,190 |   |   |   | 117,064 |   |   |   | 111,313 |   |
| Deposits                                                                               |   |            | 212,085 |   |   |   | 187,766 |   |   |   | 171,353 |   |
| FHLB advances                                                                          |   |            | --      |   |   |   | -- |   |   |   | -- |   |
| Stockholders’ equity                                                             |   |            | 24,110  |   |   |   | 21,902 |   |   |   | 20,103 |   |

|                                                                                                                                                                                                                                                                                                                                        |   | At or For the Year EndedDecember 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                        |   | 2010                                 |   |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                        |   |                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                        |   | (Dollars in thousands)               |   |
| (Selected Operating Data:                                                                                                                                                                                                                                                                                                                   |   |                                 |   |   |   |   |   |   |   |
| Total interest income                                                             |   | $                                    | 8,942  |   |   | $ | 8,864 |   |   | $ | 8,789 |   |
| Total interest expense                                                            |   |                                 | 1,844  |   |   |   | 2,447 |   |   |   | 3,295 |   |
| Net interest income                                                               |   |                                 | 7,098  |   |   |   | 6,417 |   |   |   | 5,494 |   |
| Provision for loan losses                                                         |   |                                 | 370    |   |   |   | 60 |   |   |   | 210 |   |
|      Net interest income after provision for loan losses                                                                                                                                                                                                                                                           |   |                                 | 6,728  |   |   |   | 6,357 |   |   |   | 5,284 |   |
| Total non-interest income (loss)                                                                                                                                                                                                                                                                                                            |   |                                 | 795    |   |   |   | (2,057 | )(1) |   |   | 1,032 |   |
| Total non-interest expense                                                        |   |                                 | 4,110  |   |   |   | 4,190 |   |   |   | 4,296 |   |
| Income before income taxes                                                        |   |                                 | 3,413  |   |   |   | 110 |   |   |   | 2,020 |   |
| Income taxes (benefit)                                                            |   |                                 | 1,160  |   |   |   | (27 | ) |   |   | 695 |   |
| Net income                                                                        |   | $                                    | 2,253  |   |   | $ | 137 |   |   | $ | 1,325 |   |
|                                                                                                                                                                                                                                                                                                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Selected Operating Ratios (2)                                                                                                                                                                                                                                                                                                               |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Average yield on interest-earning assets                                                                                                                                                                                                                                                                                                    |   |                                 | 4.52   | % |   |   | 5.05 | % |   |   | 5.58 | % |
| Average rate on interest-bearing liabilities                                                                                                                                                                                                                                                                                                |   |                                 | 1.14   |   |   |   | 1.68 |   |   |   | 2.78 |   |
| Average interest rate spread(3)                                                   |   |                                 | 3.38   |   |   |   | 3.37 |   |   |   | 2.80 |   |
| Net interest margin(3)                                                            |   |                                 | 3.59   |   |   |   | 3.66 |   |   |   | 3.49 |   |
| Average interest-earning assets to average interest-bearing liabilities                                                                                                                                                                                                                                                                |   |                                 | 122.11 |   |   |   | 120.44 |   |   |   | 132.58 |   |
| Net interest income after provision for loan losses to non-interest expense                                                                                                                                                                                                                                                                 |   |                                 | 163.70 |   |   |   | 151.72 |   |   |   | 123.00 |   |
| Total non-interest expense to average assets                                                                                                                                                                                                                                                                                                |   |                                 | 1.97   |   |   |   | 2.28 |   |   |   | 2.55 |   |
| Efficiency ratio(4)                                                                                                                                                                                                                                                                                                                         |   |                                 | 52.09  |   |   |   | 96.10 |   |   |   | 65.83 |   |
| Return on average assets                                                                                                                                                                                                                                                                                                                    |   |                                 | 1.08   |   |   |   | 0.07 |   |   |   | 0.79 |   |
| Return on average equity                                                          |   |                                 | 9.70   |   |   |   | 0.73 |   |   |   | 6.10 |   |
| Average equity to average assets                                                                                                                                                                                                                                                                                                            |   |                                 | 11.15  | % |   |   | 10.18 | % |   |   | 12.91 | % |

----

|                                                                                        |   | At or For the Year EndedDecember 31, |   |
|---------------------------------------------------------------------------------------------|--------|--------------------------------------|--------|
|                                                                                        |   | 2010                                 |   |   | 2009 |   |   | 2008 |   |
|                                                                                        |   |                                 |   |   |   |   |   |   |   |
| Asset Quality Ratios:(5)                                                                    |   |                                 |   |   |   |   |   |   |   |
| Non-performing loans as a percent of loans receivable, net(5)                     |   |                                 | .40    | % |   |   | 0.70 | % |   |   | 0.72 | % |
| Non-performing assets as a percent of total assets(5)                                  |   |                                 | 0.21   |   |   |   | 0.45 |   |   |   | 0.41 |   |
| Non-performing assets and troubled debt restructurings as a percent of total assets(5) |   |                                 | 0.22   |   |   |   | 0.48 |   |   |   | 0.41 |   |
| Allowance for loan losses as a percent of non-performing loans                              |   |                                 | 255.16 |   |   |   | 121.48 |   |   |   | 125.63 |   |
| Net charge-offs to average loans receivable                                            |   |                                 | 0.07   | % |   |   | 0.05 | % |   |   | 0.15 | % |
|                                                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Capital Ratios:(6)                                                                          |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Tier 1 capital ratio                                                                        |   |                                 | 9.37   | % |   |   | 9.78 | % |   |   | 9.56 | % |
| Tier 1 risk-based capital ratio                                                             |   |                                 | 19.15  |   |   |   | 18.16 |   |   |   | 18.49 |   |
| Total risk-based capital ratio                                                              |   |                                 | 20.26  | % |   |   | 19.04 | % |   |   | 19.50 | % |
|                                                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Other Data:                                                                                 |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Banking offices                                                                             |   |                                 | 2      |   |   |   | 2 |   |   |   | 1 |   |

----

| (1) | Includes an other-than-temporary impairment charge of $2.8 million related to Minden Bancorp’s investment in a mutual fund. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| (2) | With the exception of end of period ratios, all ratios are based on average monthly balances during the indicated periods. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (3) | Average interest rate spread represents the difference between the average yield on interest-earning assets and the average rate paid on interest-bearing liabilities, and net interest margin represents net interest income as a percentage of average interest-earning assets. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The efficiency ratio represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Non-performing loans consist of all nonaccrual loans as well as loans past due to principal or interest more than 90 days delinquent but still accruing.  Real estate owned consists of real estate acquired through foreclosure or real estate acquired by acceptance of a deed-in-lieu of foreclosure. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Capital ratios are end of period ratios. |
|-----|------------------------------------------|

----

|   | ● | Emphasizing Commercial Real Estate, Commercial Business and Land Loans.  At December 31, 2010, $39.3 million or 30.2% of our total loan portfolio consisted of commercial real estate and commercial business loans.  In addition, at December 31, 2010 we had $11.5 million of land loans, most of which are secured by income producing properties such as timber or agricultural property. Commercial real estate and commercial business loans as well as land loans are attractive because they generally provide us with higher average yields than single-family residential mortgage loans and they typically have adjustable rates of interest and/or shorter terms to maturity than traditional single-family residential mortgage loans.  The net proceeds from the second-step conversion offering completed in January 2011 increased our capital (although prior to the conversion MBL Bank maintained regulatory capital in excess of “well capitalized” standards), which will facilitate our ability to expand high quality loan relationships, subject to our current underwriting guidelines.  We intend to continue to emphasize growth of our commercial real estate, commercial business and land lending in a manner consistent with our stringent loan underwriting policies and procedures.  At December 31, 2010, we had no non-performing commercial real estate or commercial business loans and only one non-performing land loan with a principal balance at such date of $4,000. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Increasing Core Deposits.  We will continue our efforts to increase our core deposits in order to help reduce and control our cost of funds.  As part of our emphasis on developing commercial banking relationships, we have emphasized the expansion of non-interest checking accounts which comprised $33.8 million or 15.9% of our total deposit portfolio at December 31, 2010. We offer a wide variety of deposits to our customers and are competitive in the rates we offer although we do not necessarily seek to match the highest rates paid by competitors.  We also promote longer term deposits where possible and consistent with our asset liability management goals. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Expanding our Market Presence.  We are taking steps to increase our market penetration in our existing market area by expanding the products and services we offer while continuing to emphasize customer service in an effort to capture more of each customer’s banking relationships.  In addition to organic growth, we continue to evaluate market expansion opportunities.  The net proceeds from the offering will facilitate our ability to consider additional new offices, either on a de novo basis or through acquisitions, although we currently have no plans, agreements or understandings with respect to any acquisitions. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | ● | Emphasizing Business Banking Operations.  We have increased our contacts with local businesses in an effort to increase our business banking relationships and as a continuation of our transformation to a community bank. As a locally based bank, we believe that we offer a high level of customer service and an efficient loan application and approval process which is attractive to many local, small to medium sized businesses. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Considering New Product Lines. We continue to evaluate new product lines and services, such as remote deposit capture, credit cards (on an agency basis) and ACH originations, in our effort to offer a broader array of products and services to our customers.  In particular, we continue to evaluate financial products which will increase our non-interest income. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Continuing Residential Mortgage Lending.  Historically, we were a traditional single-family residential mortgage lender, and we will continue to offer traditional single-family residential loan products.  For the past several years, we have emphasized originating such loans with balloon payments after three to five years and/or with shorter amortization periods and terms.  At December 31, 2010, our loans secured by single-family residential mortgages amounted to $56.3 million, or 43.3% of our total loan portfolio. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Other than Temporary Impairment of Securities.  Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation.  Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether or not Minden Bancorp intends to sell or expects that it is more likely than not that it will be required to sell the security prior to an anticipated recovery in fair value.  Once a decline in value for a debt security is determined to be other-than-temporary, the other-than-temporary impairment is separated into (a) the amount of total other-than-temporary impairment related to a decrease in cash flows expected to be collected from debt security (the credit loss) and (b) the amount of other-than-temporary impairment related to all other factors.  The amount of the total other-than-temporary impairment related to credit loss is recognized in earnings.  The amount of other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss). During the year ended December 31, 2009, Minden Bancorp recognized $2.8 million in impairment charges on an investment in a mutual fund.  During the third quarter of 2009, Minden Bancorp identified the impairment in this security, which had a carrying value of $10.9 million, as other than temporary and recorded the charges against its operating results.  Beginning with the fourth quarter of 2009 and continuing through December 31, 2010, we exercised our ability to redeem for cash $250,000 of our investment in the mutual fund. At December 31, 2010, our carrying value and the fair market value of such investment was approximately $6.8 million and $6.9 million, respectively.  Subsequent to December 31, 2010, we determined to redeem our remaining investment in such fund in its entirety, recording a gain, pre-tax, of $121,000 during January 2011. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | ● | Low Market Rates of Interest.  In recent periods, our results have benefitted from the historically low market rates of interest that have prevailed.  During 2008, the Federal Reserve Board reduced the federal funds rate seven times from 4.25% at December 31, 2007 to a range of 0% to 0.25% at December 31, 2008 and throughout 2009 and 2010.  The average rates that we pay on our interest-bearing deposits and other liabilities have fallen steadily, from 4.21% for the year ended December 31, 2007 to 1.14% during the year ended December 31, 2010.  Because the average rates on our deposits and other liabilities tend to adjust to changes in market rates of interest more quickly than the average yields we earn on our loans and other interest-earning assets, our average interest rate spread (the difference between the average yield earned on interest-earning assets and the average cost paid on interest-bearing liabilities) increased between 2007 and 2010, as has our net interest income.  We anticipate that the current low rate environment will continue to put downward pressure on short term interest rates until the economic recovery is sustainable.  However, when the interest rate environment begins to increase it will cause pricing pressure on our deposit accounts and may have a negative impact on our net income. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Managing Other Expenses. Our other, or non-interest, expenses amounted to $4.1million and $4.2 million for the years ended December 31, 2010 and 2009, respectively.  We have been able to maintain the level of our non-interest expenses notwithstanding a significant increase in 2009 in Federal Deposit Insurance Corporation deposit insurance premium expense through implementation of stringent cost controls resulting in reductions in most of our other areas of non-interest expense, including salary and employee benefits expense. The increase in Federal Deposit Insurance Corporation deposit insurance premiums in the year ended December 31, 2009 included a charge for the Federal Deposit Insurance Corporation special assessment of approximately $80,500 we paid in June of 2009.  However, we expect increases in salaries and benefits expenses in 2011 as a result of the stock purchase by our employee stock ownership plan in the second-step conversion offering as well as the new stock benefit plans that we intend to implement. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                              |   |                          |     |       |           |       |     |     |   |   |                 |   |   |           |     |   |     |   |     |              |   |
|-------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|----------|------------|----------------|------------|----------|----------|--------|--------|----------------------|--------|--------|----------------|----------|--------|----------|--------|----------|-------------------|--------|
|                                                                                                              |   |                          |     |  2010 |           |  2009 |     |
|                                                                                                              |   | Yield/Rate atDecember 31,2010 |     |       | AverageBalance |       |     | Interest |   |   | AverageYield/Rate(1) |   |   | AverageBalance |     |   | Interest |   |     | AverageYield/Rate |   |
|                                                                                                              |   |                          |     |
|                                                                                                              |   | (Dollars in thousands)        |     |
| Interest-earning assets:                                                                                          |   |                          |     |       |           |       |     |     |   |   |                 |   |   |           |     |   |     |   |     |              |   |
| Loans receivable                                                                                                  |   |                          | 6.10     | %          |           | $          | 123,993  |     |   | $      | 7,752                |   |   |           | 6.25     | %      |     | $      | 116,691  |              |   | $ | 7,565 |   |   |   | 6.48 | % |
| Investment securities                                                                                             |   |                          | 1.80     |       |           |       | 51,409   |     |   |   | 1,126                |   |   |           | 2.19     |   |     |   | 52,063   |              |   |   | 1,262 |   |   |   | 2.42 |   |
| Other interest-earning assets                                                                                     |   |                          | 0.14     |       |           |       | 22,229   |     |   |   | 64                   |   |   |           | 0.29     |   |     |   | 6,641    |              |   |   | 37 |   |   |   | 0.56 |   |
| Total interest-earning assets                                                                                     |   |                          | 3.78     | %          |           |       | 197,631  |     |   |   | 8,942                |   |   |           | 4.52     | %      |     |   | 175,395  |              |   |   | 8,864 |   |   |   | 5.05 | % |
| Non-interest-earning assets                                                                                       |   |                          |     |       |           |       | 10,824   |     |   |   |                 |   |   |           |     |   |     |   | 8,771    |              |   |   |   |   |   |   |   |   |
| Total assets                                                                                                      |   |                          |     |       |           |       | 208,455  |     |   |   |                 |   |   |           |     |   |     |   | 184,166  |              |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                                                                                     |   |                          |     |       |           |       |     |     |   |   |                 |   |   |           |     |   |     |   |     |              |   |   |   |   |   |   |   |   |
| Savings, NOW and money market accounts                                                                       |   |                          | 0.46     | %          |           |       | 85,225   |     |   |   | 448                  |   |   |           | 0.53     | %      |     |   | 72,569   |              |   |   | 582 |   |   |   | 0.80 | % |
| Certificates of deposit                                                                                           |   |                          | 1.75     |       |           |       | 76,622   |     |   |   | 1,396                |   |   |           | 1.82     |   |     |   | 73,041   |              |   |   | 1,865 |   |   |   | 2.55 |   |
| Total deposits                                                                                                    |   |                          | 1.03     |       |           |       | 161,847  |     |   |   | 1,844                |   |   |           | 1.14     |   |     |   | 145,610  |              |   |   | 2,447 |   |   |   | 1.68 |   |
| FHLB advances and other borrowings                              |   |                          |  -- |       |           |       |  -- |     |   |   |  --             |   |   |           |  -- |   |     |   |  13 |              |   |   |  -- |   |   |   |  -- |   |
| Total interest-bearing liabilities                                                                                |   |                          | 1.03     | %          |           |       | 161,847  |     |   |   | 1,844                |   |   |           | 1.14     | %      |     |   | 145,623  |              |   |   | 2,447 |   |   |   | 1.68 | % |
| Non-interest-bearing liabilities                                               |   |                          |     |       |           |       | 23,370   |     |   |   |                 |   |   |           |     |   |     |   | 19,799   |              |   |   |   |   |   |   |   |   |
| Total liabilities                                                         |   |                          |     |       |           |       | 185,217  |     |   |   |                 |   |   |           |     |   |     |   | 165,422  |              |   |   |   |   |   |   |   |   |
| Stockholders’ equity(1)                                                                                     |   |                          |     |       |           |       | 23,238   |     |   |   |                 |   |   |           |     |   |     |   | 18,744   |              |   |   |   |   |   |   |   |   |
| Total liabilities and shareholders’ equity(1)                                                               |   |                          |     |       |           | $          | 208,455  |     |   |   |                 |   |   |           |     |   |     | $      | 184,166  |              |   |   |   |   |   |   |   |   |
| Net interest-earning assets                                                                                       |   |                          |     |       |           | $          | 35,784   |     |   |   |                 |   |   |           |     |   |     | $      | 22,668   |              |   |   |   |   |   |   |   |   |
| Net interest income; average interest rate spread                                   |   |                          | 2. 75    | %          |           |       |     |     |   | $      | 7,098                |   |   |           | 3.38     | %      |     |   |     |              |   | $ | 6,417 |   |   |   | 3.37 | % |
| Net interest margin(2)                                                                                            |   |                          |     |       |           |       |     |     |   |   |                 |   |   |           | 3.59     | %      |     |   |     |              |   |   |   |   |   |   | 3.66 | % |
| Average interest-earning assets to average interest-bearing liabilities        |   |                          |     |       |           |       |     |     |   |   |                 |   |   |           | 122.11   | %      |     |   |     |              |   |   |   |   |   |   | 120.44 | % |

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|                                       |   | Year Ended December 31,    |            |   | Year Ended December 31,    |   |
|--------------------------------------------|--------|----------------------------|-----------------|--------|----------------------------|--------|
|                                       |   | 2010 Compared to 2009      |            |   | 2009 Compared to 2008      |   |
|                                       |   | Increase (Decrease) Due to |            |   | Increase (Decrease) Due to |   |
|                                       |   |                       |            |   |                       |   |   | Total |   |   |   |   |   |   |   |   | Total |   |
|                                       |   |                       |            |   |                       |   |   | Increase |   |   |   |   |   |   |   |   | Increase |   |
|                                       |   | Rate                       |            |   | Volume                     |   |   | (Decrease) |   |   | Rate |   |   | Volume |   |   | (Decrease) |   |
|                                       |   | (In thousands)             |            |
| Interest income:                           |   |                       |            |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans receivable                           |   | $                          | (286            | )      |                       | $      | 473 |   |   | $ | 187 |   |   | $ | (1,019 | ) |   | $ | 1,283 |   |   | $ | 264 |   |
| Investment securities                      |   |                       | (120            | )      |                       |   | (16 | ) |   |   | (136 | ) |   |   | (118 | ) |   |   | 82 |   |   |   | (36 | ) |
| Other interest-earning assets              |   |                       | (60             | )      |                       |   | 87 |   |   |   | 27 |   |   |   | (97 | ) |   |   | (55 | ) |   |   | (152 | ) |
| Total interest income                      |   |                       | (466            | )      |                       |   | 544 |   |   |   | 78 |   |   |   | (1,234 | ) |   |   | 1,310 |   |   |   | 76 |   |
| Interest expense:                          |   |                       |            |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savings, NOW and money market accounts     |   |                       | (228            | )      |                       |   | 102 |   |   |   | (126 | ) |   |   | (217 | ) |   |   | 293 |   |   |   | 76 |   |
| Certificates of deposit                    |   |                       | (568            | )      |                       |   | 91 |   |   |   | (477 | ) |   |   | (948 | ) |   |   | 114 |   |   |   | (834 | ) |
| Total deposits                             |   |                       | (796            | )      |                       |   | 193 |   |   |   | (603 | ) |   |   | (1,165 | ) |   |   | 407 |   |   |   | (758 | ) |
| FHLB advances and other borrowings    |   |                       |    -- |   |                       |   |  -- |   |   |   |  -- |   |   |   |  -- |   |   |   | (90 | ) |   |   | (90 | ) |
| Total interest expense                     |   |                       | (796            | )      |                       |   | 193 |   |   |   | (603 | ) |   |   | (1,165 | ) |   |   | 317 |   |   |   | (848 | ) |
| Increase (decrease) in net interest income |   | $                          | 330             |   |                       | $      | 351 |   |   | $ | 681 |   |   | $ | (69 | ) |   | $ | 993 |   |   | $ | 924 |   |

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| Change inInterest Ratesin Basis Points(Rate Shock) |   |   |   Net Portfolio Value |   |     | NPV as % of PortfolioValue of Assets |   |
|----------------------------------------------------|--------|--------|---------------------------------|--------|----------|--------------------------------------|--------|
|                                               |   | Amount |                            |   | $ Change |                                 |   | % Change |   |   | NPV Ratio |   |   | Change |   |
|                                               |   |   | (Dollars in thousands)          |   |
| 300                                                |   |   | $                               | 34,460 |     |                                 | $      | (654 | ) |   |   | (2.0 | )% |   |   | 13.42 | % |   |   | (16 | )% |
| 200                                                |   |   |                            | 35,132 |     |                                 |   | 19 |   |   |   | 0.0 |   |   |   | 13.63 |   |   |   | 5 |   |
| 100                                                |   |   |                            | 35,344 |     |                                 |   | 230 |   |   |   | 1.0 |   |   |   | 13.69 |   |   |   | 10 |   |
| Static                                             |   |   |                            | 35,113 |     |                                 |   | -- |   |   |   | -- |   |   |   | 13.59 |   |   |   | -- |   |
| (50)                                               |   |   |                            | 34,763 |     |                                 |   | (350 | ) |   |   | (1.0 | ) |   |   | 13.46 |   |   |   | (13 | ) |
| (100)                                              |   |   |                            | 35,279 |     |                                 |   | 166 |   |   |   | 0.0 |   |   |   | 13.63 |   |   |   | 5 |   |

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|                                                                                                                                                                                                                                                                                            |   | Total atDecember 31,2010 |   |     | Payments Due By Period |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|--------|----------|------------------------|--------|
|                                                                                                                                                                                                                                                                                            |   |                     |   | To1 Year |                   |   | 1-3Years |   |   | 4-5Years |   |   | After 5Years |   |
|                                                                                                                                                                                                                                                                                            |   | (In thousands)           |   |
| Certificates of deposit                                             |   | $                        | 79,502 |     |                   | $      | 69,836 |   |   | $ | 9,665 |   |   | $ | -- |   |   | $ | -- |   |
|   Total contractual obligations                                                                                                                                                                                                                                                       |   | $                        | 79,502 |     |                   | $      | 69,836 |   |   | $ | 9,665 |   |   | $ | -- |   |   | $ | -- |   |

|                                                                                                                                                                                                                                                                                                       |   | TotalAmountsCommitted atDecember 31,2010 |   |     |   Amount of Commitment Expiration - Per Period |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|--------|----------|----------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                       |   |                                     |   | To1 Year |                                                     |   | 1-3Years |   |   | 4-5Years |   |   | After 5Years |   |
|                                                                                                                                                                                                                                                                                                       |   | (In thousands)                           |   |
| Letters of credit                                                    |   | $                                        | 111    |     |                                                     | $      | 111 |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |
| Unused lines of credit                                               |   |                                     | 9,790  |     |                                                     |   | 9,206 |   |   |   | 584 |   |   |   | -- |   |   |   | -- |   |
| Undisbursed portion of loans in process                                                                                                                                                                                                                                                                    |   |                                     | 1,506  |     |                                                     |   | 1,506 |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Commitments to originate loans                                                                                                                                                                                                                                                                             |   |                                     | 6,972  |     |                                                     |   | 6,972 |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Total commitments                                                    |   | $                                        | 18,379 |     |                                                     | $      | 17,795 |   |   | $ | 584 |   |   | $ |  -- |   |   | $ |  -- |   |

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| /s/ Heard, McElroy & Vestal, LLP |   |
|--------------------------------------|--------|

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| A S S E T S                                                                     |   | 2010   |    |   | 2009   |   |
|---------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                            |   |   |    |   |   |   |
| Cash and noninterest-bearing deposits                                           |   | $      | 2,256   |   |   | $      | 3,190 |   |
| Interest-bearing demand deposits                                                |   |   | 421     |   |   |   | 774 |   |
| Federal funds sold                                                              |   |   | 46,025  |   |   |   | 29,550 |   |
| Total cash and cash equivalents                                                 |   |   | 48,702  |   |   |   | 33,514 |   |
|                                                                            |   |   |    |   |   |   |   |   |
| Investment securities:                                                          |   |   |    |   |   |   |   |   |
| Securities held-to-maturity (estimated market value of $140-2010 and $168-2009) |   |   | 139     |   |   |   | 166 |   |
| Securities available-for-sale, at estimated market value                        |   |   | 62,436  |   |   |   | 50,630 |   |
|                                                                            |   |   |    |   |   |   |   |   |
| First National Banker’s Bank stock, at cost                               |   |   | 210     |   |   |   | 210 |   |
| Federal Home Loan Bank stock, at cost                                           |   |   | 239     |   |   |   | 238 |   |
| Loans, net of allowance for loan losses of $1,286-2010 and $1,001-2009          |   |   | 127,190 |   |   |   | 117,064 |   |
| Accrued interest receivable                                                     |   |   | 804     |   |   |   | 739 |   |
| Premises and equipment, net                                                     |   |   | 5,551   |   |   |   | 5,820 |   |
| Other real estate owned                                                         |   |   | 10      |   |   |   | 130 |   |
| Prepaid and other assets                                                        |   |   | 2,470   |   |   |   | 2,347 |   |
|                                                                            |   |   |    |   |   |   |   |   |
| Total assets                                                                    |   | $      | 247,751 |   |   | $      | 210,858 |   |

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| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                         |   | 2010   |    |   | 2009   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                                                                               |   |   |    |   |   |   |
| Liabilities:                                                                                                                                       |   |   |    |   |   |   |
| Deposits:                                                                                                                                          |   |   |    |   |   |   |
| Noninterest-bearing                                                                                                                                |   | $      | 33,805  |   |   | $      | 30,830 |   |
| Interest-bearing                                                                                                                                   |   |   | 178,280 |   |   |   | 156,936 |   |
| Total deposits                                                                                                                                     |   |   | 212,085 |   |   |   | 187,766 |   |
| Accrued interest payable                                                                                                                           |   |   | 311     |   |   |   | 364 |   |
| Stock escrow liability                                                                                                                             |   |   | 10,230  |   |   |   | - |   |
| Other liabilities                                                                                                                                  |   |   | 1,015   |   |   |   | 826 |   |
| Total liabilities                                                                                                                                  |   |   | 223,641 |   |   |   | 188,956 |   |
|                                                                                                                                               |   |   |    |   |   |   |   |   |
| Commitments and contingent liabilities                                                                                                             |   |   |    |   |   |   |   |   |
|                                                                                                                                               |   |   |    |   |   |   |   |   |
| Stockholders’ equity:                                                                                                                        |   |   |    |   |   |   |   |   |
| Preferred stock-$.01 par value; authorized 1,000,000 shares; none issued-no rights/preferences set by board                                        |   |   | -       |   |   |   | - |   |
| Common stock-$.01 par value; authorized 4,000,000 shares; 1,454,750 shares issued and 1,365,316 shares- 2010 and 1,365,316 shares-2009 outstanding |   |   | 15      |   |   |   | 15 |   |
| Additional paid-in capital                                                                                                                         |   |   | 16,575  |   |   |   | 16,572 |   |
| Retained earnings                                                                                                                                  |   |   | 9,256   |   |   |   | 7,314 |   |
| Accumulated other comprehensive income                                                                                                             |   |   | 267     |   |   |   | 82 |   |
|                                                                                                                                               |   |   | 26,113  |   |   |   | 23,983 |   |
|                                                                                                                                               |   |   |    |   |   |   |   |   |
| Unearned common stock held by Management Recognition and Retention Plan (MRRP) (6,100 shares-2010 and 7,408 shares-2009)                           |   |   | (60     | )      |   |   | (78 | ) |
|                                                                                                                                               |   |   |    |   |   |   |   |   |
| Unallocated common stock held by ESOP (7,856-2010 and 13,092 shares-2009 unreleased)                                                               |   |   | (95     | )      |   |   | (155 | ) |
| Treasury stock-at cost (89,434 shares-2010 and 2009)                                                                                               |   |   | (1,848  | )      |   |   | (1,848 | ) |
| Total stockholders’ equity                                                                                                                   |   |   | 24,110  |   |   |   | 21,902 |   |
|                                                                                                                                               |   |   |    |   |   |   |   |   |
| Total liabilities and stockholders’ equity                                                                                                   |   | $      | 247,751 |   |   | $      | 210,858 |   |

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|                                                |   | 2010   |   |   | 2009   |   |
|-----------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Interest and dividend income:                       |   |   |   |   |   |   |
| Loans, including fees                               |   | $      | 7,752  |   |   | $      | 7,565 |   |
| Investments-taxable:                                |   |   |   |   |   |   |   |   |
| Securities                                          |   |   | 764    |   |   |   | 765 |   |
| Mortgage-backed securities                          |   |   | 362    |   |   |   | 497 |   |
| Other                                               |   |   | 64     |   |   |   | 37 |   |
| Total interest and dividend income                  |   |   | 8,942  |   |   |   | 8,864 |   |
|                                                |   |   |   |   |   |   |   |   |
| Interest expense:                                   |   |   |   |   |   |   |   |   |
| Interest-bearing demand deposits and savings        |   |   | 448    |   |   |   | 582 |   |
| Certificates of deposit                             |   |   | 1,396  |   |   |   | 1,865 |   |
| Total interest expense                              |   |   | 1,844  |   |   |   | 2,447 |   |
| Net interest income                                 |   |   | 7,098  |   |   |   | 6,417 |   |
| Provision for loan losses-Note 3                    |   |   | 370    |   |   |   | 60 |   |
|                                                |   |   |   |   |   |   |   |   |
| Net interest income after provision for loan losses |   |   | 6,728  |   |   |   | 6,357 |   |
|                                                |   |   |   |   |   |   |   |   |
| Noninterest income:                                 |   |   |   |   |   |   |   |   |
| Customer service fees                               |   |   | 741    |   |   |   | 616 |   |
| Gain (noninterest) on sale of assets                |   |   | 5      |   |   |   | 73 |   |
| Impairment charge on investment security            |   |   | -      |   |   |   | (2,822 | ) |
| Other income                                        |   |   | 49     |   |   |   | 76 |   |
| Total noninterest income (loss)                     |   |   | 795    |   |   |   | (2,057 | ) |
|                                                |   |   |   |   |   |   |   |   |
| Noninterest expenses:                               |   |   |   |   |   |   |   |   |
| Salaries and benefits                               |   |   | 2,245  |   |   |   | 2,356 |   |
| Office occupancy expense                            |   |   | 718    |   |   |   | 732 |   |
| Professional fees and supervisory examinations      |   |   | 186    |   |   |   | 180 |   |
| FDIC insurance premium                              |   |   | 301    |   |   |   | 317 |   |
| Computer department expenses                        |   |   | 153    |   |   |   | 144 |   |
| Other general and administrative expenses           |   |   | 507    |   |   |   | 461 |   |
| Total noninterest expenses                          |   |   | 4,110  |   |   |   | 4,190 |   |
|                                                |   |   |   |   |   |   |   |   |
| Income before income taxes (benefit)                |   |   | 3,413  |   |   |   | 110 |   |
|                                                |   |   |   |   |   |   |   |   |
| Income tax expense (benefit)                        |   |   | 1,160  |   |   |   | (27 | ) |
|                                                |   |   |   |   |   |   |   |   |
| Net income                                          |   | $      | 2,253  |   |   | $      | 137 |   |
|                                                |   |   |   |   |   |   |   |   |
| Earnings per share (EPS)-basic                      |   | $      | 1.68   |   |   | $      | .10 |   |
| Diluted EPS                                         |   | $      | 1.59   |   |   | $      | .10 |   |

----

|                                                                                                                |   |   |   |   |       |   |   |     |   |   |              |   |   |     |   |   |     |   |    |     |   |   |    |   |
|---------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|------------|--------|--------|----------|--------|--------|-------------------|--------|--------|----------|--------|--------|----------|--------|---------|----------|--------|--------|---------|--------|
|                                                                                                                |   |   |   |   | Additional |   |   |     |   |   | Accumulated Other |   |   |     |   |   |     |   |    |     |   |   |    |   |
|                                                                                                                |   | Common |   |   | Paid-In    |   |   | Retained |   |   | Comprehensive     |   |   | Unearned |   |   | Unearned |   |    | Treasury |   |   |    |   |
|                                                                                                                |   | Stock  |   |   | Capital    |   |   | Earnings |   |   | Income            |   |   | MRRP     |   |   | ESOP     |   |    | Stock    |   |   | Total   |   |
| Balance December 31, 2008                                                                                           |   | $      | 15     |   |       | $      | 16,497 |     |   | $      | 7,420             |   |   | $        | (1,738 | )      |     | $      | (23     | )        |   | $      | (212    | )      |   | $ | (1,855 | ) |   | $ | 20,104 |   |
| Net income                                                                                                          |   |   | -      |   |       |   | -      |     |   |   | 137               |   |   |     | -      |   |     |   | -       |     |   |   | -       |   |   |   | - |   |   |   | 137 |   |
| Change in net unrealized gain on securities available for sale, net of taxes and reclassification adjustment ($938) |   |   | -      |   |       |   | -      |     |   |   | -                 |   |   |     | 1,820  |   |     |   |  - |     |   |   |  - |   |   |   |  - |   |   |   | 1,820 |   |
| Total comprehensive income                                                                                          |   |   |   |   |       |   |   |     |   |   |              |   |   |     |   |   |     |   |    |     |   |   |    |   |   |   |   |   |   |   | 1,957 |   |
| MRRP shares awarded                                                                                                 |   |   | -      |   |       |   | 59     |     |   |   | -                 |   |   |     | -      |   |     |   | -       |     |   |   | -       |   |   |   | - |   |   |   | 59 |   |
| Dividends ($0.43 per share)                                                                                         |   |   | -      |   |       |   | -      |     |   |   | (243              | )      |   |     | -      |   |     |   | -       |     |   |   | -       |   |   |   | - |   |   |   | (243 | ) |
| Amortization of awards under                                                                                        |   |   | -      |   |       |   |   |     |   |   |              |   |   |     |   |   |     |   |    |     |   |   |    |   |   |   |   |   |   |   |   |   |
| MRRP-net of release of  MRRP/ESOP                                                                              |   |   | -      |   |       |   | 16     |     |   |   | -                 |   |   |     | -      |   |     |   | -       |     |   |   | -       |   |   |   |  - |   |   |   | 16 |   |
| Unearned MRRP/ESOP                                                                                                  |   |   | -      |   |       |   | -      |     |   |   | -                 |   |   |     | -      |   |     |   | (55     | )        |   |   | 57      |   |   |   |   |   |   |   | 2 |   |
| Treasury stock sold                                                                                                 |   |   | -      |   |       |   | -      |     |   |   | -                 |   |   |     | -      |   |     |   | -       |     |   |   | -       |   |   |   | 7 |   |   |   | 7 |   |
| Balance December 31, 2009                                                                                           |   |   | 15     |   |       |   | 16,572 |     |   |   | 7,314             |   |   |     | 82     |   |     |   | (78     | )        |   |   | (155    | )      |   |   | (1,848 | ) |   |   | 21,902 |   |
| Net income                                                                                                          |   |   | -      |   |       |   | -      |     |   |   | 2,253             |   |   |     | -      |   |     |   | -       |     |   |   | -       |   |   |   | - |   |   |   | 2,253 |   |
| Change in net unrealized gain on securities available for sale, net of taxes and reclassification adjustment $95    |   |   | -      |   |       |   | -      |     |   |   | -                 |   |   |     | 185    |   |     |   | -       |     |   |   |  - |   |   |   |  - |   |   |   | 185 |   |
| Total comprehensive income                                                                                          |   |   |   |   |       |   |   |     |   |   |              |   |   |     |   |   |     |   |    |     |   |   |    |   |   |   |   |   |   |   | 2,438 |   |
| Dividends ($0.55 per share)                                                                                         |   |   | -      |   |       |   | -      |     |   |   | (311              | )      |   |     | -      |   |     |   | -       |     |   |   | -       |   |   |   | - |   |   |   | (311 | ) |
| Amortization of awards under                                                                                        |   |   |   |   |       |   |   |     |   |   |              |   |   |     |   |   |     |   |    |     |   |   |    |   |   |   |   |   |   |   |   |   |
| MRRP-net of release of MRRP/ESOP                                                                                    |   |   | -      |   |       |   | 3      |     |   |   | -                 |   |   |     | -      |   |     |   | 18      |     |   |   | 60      |   |   |   |   |   |   |   | 81 |   |
| Treasury stock purchased                                                                                            |   |   | -      |   |       |   | -      |     |   |   | -                 |   |   |     | -      |   |     |   | -       |     |   |   | -       |   |   |   | - |   |   |   | - |   |
| Balance December 31, 2010                                                                                           |   | $      | 15     |   |       | $      | 16,575 |     |   | $      | 9,256             |   |   | $        | 267    |   |     | $      | (60     | )        |   | $      | (95     | )      |   | $ | (1,848 | ) |   | $ | 24,110 |   |

----

|                                                                              |   | 2010   |    |   | 2009   |   |
|-----------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Cash flows from operating activities:                                             |   |   |    |   |   |   |
| Net income                                                                        |   | $      | 2,253   |   |   | $      | 137 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |   |    |   |   |   |   |   |
| Depreciation                                                                      |   |   | 302     |   |   |   | 341 |   |
| Provision for loan losses                                                         |   |   | 370     |   |   |   | 60 |   |
| Impairment charge on investment security                                          |   |   | -       |   |   |   | 2,822 |   |
| Deferred income taxes                                                             |   |   | (96     | )      |   |   | (953 | ) |
| MRRP and other expenses                                                           |   |   | 80      |   |   |   | 80 |   |
| Net accretion of securities                                                       |   |   | (1,450  | )      |   |   | (578 | ) |
| Gain on sale of assets                                                            |   |   | (5      | )      |   |   | (73 | ) |
| (Increase) decrease in prepaid expenses and accrued income                        |   |   | 97      |   |   |   | (709 | ) |
| Increase (decrease) in dividends payable and other liabilities                    |   |   | 134     |   |   |   | (202 | ) |
| Net cash provided by operating activities                                         |   |   | 1,685   |   |   |   | 925 |   |
|                                                                              |   |   |    |   |   |   |   |   |
| Cash flows from investing activities:                                             |   |   |    |   |   |   |   |   |
| Activity in available for sale securities:                                        |   |   |    |   |   |   |   |   |
| Maturities, prepayments and calls                                                 |   |   | 16,841  |   |   |   | 33,925 |   |
| Purchases                                                                         |   |   | (26,910 | )      |   |   | (35,278 | ) |
| Activity in held to maturity securities:                                          |   |   |    |   |   |   |   |   |
| Maturities, prepayments and calls                                                 |   |   | 28      |   |   |   | 430 |   |
| Net increase in loans                                                             |   |   | (10,496 | )      |   |   | (5,821 | ) |
| Purchases of premises and equipment-net                                           |   |   | (13     | )      |   |   | (12 | ) |
| Proceeds from sale of other real estate-net                                       |   |   | 120     |   |   |   | 361 |   |
| Proceeds-sale of land                                                             |   |   | 176     |   |   |   | 211 |   |
| Net cash used by investing activities                                             |   |   | (20,254 | )      |   |   | (6,184 | ) |
|                                                                              |   |   |    |   |   |   |   |   |
| Cash flows from financing activities:                                             |   |   |    |   |   |   |   |   |
| Net increase in deposits                                                          |   |   | 24,319  |   |   |   | 16,406 |   |
| Dividends paid                                                                    |   |   | (311    | )      |   |   | (243 | ) |
| Treasury stock sold                                                               |   |   | -       |   |   |   | 7 |   |
| Stock escrow liability                                                            |   |   | 10,230  |   |   |   | - |   |
| Conversion expenses                                                               |   |   | (481    | )      |   |   | - |   |
| Net cash provided by financing activities                                         |   |   | 33,757  |   |   |   | 16,170 |   |
|                                                                              |   |   |    |   |   |   |   |   |
| Net increase in cash and cash equivalents                                         |   |   | 15,188  |   |   |   | 10,911 |   |
|                                                                              |   |   |    |   |   |   |   |   |
| Cash and cash equivalents at January 1                                            |   |   | 33,514  |   |   |   | 22,603 |   |
|                                                                              |   |   |    |   |   |   |   |   |
| Cash and cash equivalents at December 31                                          |   | $      | 48,702  |   |   | $      | 33,514 |   |

----

|                                                         |   |   |   |   |   |   |
|--------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                         |   | 2010   |   |   | 2009   |   |
|                                                         |   |   |   |   |   |   |
| Supplemental disclosures:                                    |   |   |   |   |   |   |
| Interest paid on deposits and borrowed funds                 |   | $      | 1,898  |   |   | $      | 2,682 |   |
| Income taxes paid                                            |   | $      | 1,233  |   |   | $      | 1,079 |   |
|                                                         |   |   |   |   |   |   |   |   |
| Noncash investing and financing activities:                  |   |   |   |   |   |   |   |   |
| Transfer of loans to real estate owned                       |   | $      | 621    |   |   | $      | 130 |   |
|                                                         |   |   |   |   |   |   |   |   |
| Increase in unrealized gain on securities available for sale |   | $      | 280    |   |   | $      | 2,758 |   |

----

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----

----

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----

|   |   | 2010          |   |
|--------|--------|---------------|--------|
|   |   | AmortizedCost |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | EstimatedMarketValue |   |
|   |   |          |   |   |   |   |   |   |   |   |   |   |
| GNMA   |   | $             | 25     |   |   | $ | - |   |   | $ | - |   |   | $ | 25 |   |
| FNMA   |   |          | 106    |   |   |   | 1 |   |   |   | - |   |   |   | 107 |   |
| FHLMC  |   |          | 8      |   |   |   | - |   |   |   | - |   |   |   | 8 |   |
|   |   | $             | 139    |   |   | $ | 1 |   |   | $ | - |   |   | $ | 140 |   |
|   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   | 2009          |   |
|   |   | AmortizedCost |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | EstimatedMarketValue |   |
|   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GNMA   |   | $             | 27     |   |   | $ | - |   |   | $ | - |   |   | $ | 27 |   |
| FNMA   |   |          | 130    |   |   |   | 2 |   |   |   | - |   |   |   | 132 |   |
| FHLMC  |   |          | 9      |   |   |   | - |   |   |   | - |   |   |   | 9 |   |
|   |   | $             | 166    |   |   | $ | 2 |   |   | $ | - |   |   | $ | 168 |   |

|                         |   | December 31, 2010 |   |
|------------------------------|--------|-------------------|--------|
|                         |   |              |   |   | Gross |   |   | Gross |   |   | Estimated |   |
|                         |   | Amortized         |   |   | Unrealized |   |   | Unrealized |   |   | Fair |   |
|                         |   | Cost              |   |   | Gains |   |   | Losses |   |   | Value |   |
|                         |   |              |   |   |   |   |   |   |   |   |   |   |
| Asset Management Funds (AMF) |   | $                 | 6,795  |   |   | $ | 121 |   |   | $ | - |   |   | $ | 6,916 |   |
| FHLMC Voting Common Stock    |   |              | 11     |   |   |   | - |   |   |   | 7 |   |   |   | 4 |   |
| Municipals                   |   |              | 230    |   |   |   | 4 |   |   |   | - |   |   |   | 234 |   |
| Agency Bonds (FNMA/FHLB)     |   |              | 35,118 |   |   |   | 216 |   |   |   | 110 |   |   |   | 35,224 |   |
| CMO                          |   |              | 2,027  |   |   |   | - |   |   |   | 20 |   |   |   | 2,007 |   |
| FNMA ARM pools               |   |              | 9,683  |   |   |   | 77 |   |   |   | 49 |   |   |   | 9,711 |   |
| FHLMC ARM pools              |   |              | 1,870  |   |   |   | 48 |   |   |   | 2 |   |   |   | 1,916 |   |
| GNMA ARM pools               |   |              | 6,299  |   |   |   | 125 |   |   |   | - |   |   |   | 6,424 |   |
|                         |   | $                 | 62,033 |   |   | $ | 591 |   |   | $ | 188 |   |   | $ | 62,436 |   |

----

|                      |   | December 31, 2009 |   |
|---------------------------|--------|-------------------|--------|
|                      |   |              |   |   | Gross |   |   | Gross |   |   | Estimated |   |
|                      |   | Amortized         |   |   | Unrealized |   |   | Unrealized |   |   | Fair |   |
|                      |   | Cost              |   |   | Gains |   |   | Losses |   |   | Value |   |
|                      |   |              |   |   |   |   |   |   |   |   |   |   |
| Asset Management Funds    |   | $                 | 7,780  |   |   | $ | - |   |   | $ | - |   |   | $ | 7,780 |   |
| FHLMC Voting Common Stock |   |              | 11     |   |   |   | 5 |   |   |   | - |   |   |   | 16 |   |
| Municipals                |   |              | 230    |   |   |   | 10 |   |   |   | - |   |   |   | 240 |   |
| Agency Bonds (FNMA/FHLB)  |   |              | 28,608 |   |   |   | 6 |   |   |   | 86 |   |   |   | 28,528 |   |
| FNMA ARM pools            |   |              | 4,360  |   |   |   | 39 |   |   |   | 10 |   |   |   | 4,389 |   |
| FHLMC ARM pools           |   |              | 2,218  |   |   |   | 26 |   |   |   | 3 |   |   |   | 2,241 |   |
| GNMA ARM pools            |   |              | 7,299  |   |   |   | 137 |   |   |   | - |   |   |   | 7,436 |   |
|                      |   | $                 | 50,506 |   |   | $ | 223 |   |   | $ | 99 |   |   | $ | 50,630 |   |

|                        |   | Available for Sale |   |   | Held to Maturity |   |
|-----------------------------|--------|--------------------|--------|--------|------------------|--------|
|                        |   | Amortized          |   |   | Fair             |   |   | Amortized |   |   | Fair |   |
|                        |   | Cost               |   |   | Value            |   |   | Cost |   |   | Value |   |
|                        |   |               |   |   |             |   |   |   |   |   |   |   |
| One year or less            |   | $                  | 9,062  |   |             | $      | 9,196 |   |   | $ | - |   |   | $ | - |   |
| After 1 year thru 5 years   |   |               | 33,305 |   |             |   | 33,406 |   |   |   | 19 |   |   |   | 19 |   |
| After 5 years thru 10 years |   |               | 7,155  |   |             |   | 7,119 |   |   |   | 76 |   |   |   | 77 |   |
| After 10 years              |   |               | 12,511 |   |             |   | 12,715 |   |   |   | 44 |   |   |   | 44 |   |
|                        |   | $                  | 62,033 |   |             | $      | 62,436 |   |   | $ | 139 |   |   | $ | 140 |   |

----

|                       |   | Less than 12 Months |   |   | 12 Months or Greater  |   |   | Total     |   |
|----------------------------|--------|---------------------|--------|--------|-----------------------|--------|--------|-----------|--------|
|                       |   | FairValue           |   |   | GrossUnrealizedLosses |   |   | FairValue |   |   | GrossUnrealizedLosses |   |   | FairValue |   |   | GrossUnrealizedLosses |   |
|  December 31, 2010:   |   |                |   |   |                  |   |   |      |   |   |   |   |   |   |   |   |   |   |
| Federal agencies           |   | $                   | 12,720 |   |                  | $      | 110    |      |   | $ | - |   |   | $ | - |   |   | $ | 12,720 |   |   | $ | 110 |   |
| FHLMC stock                |   |                | 3      |   |                  |   | 7      |      |   |   | - |   |   |   | - |   |   |   | 3 |   |   |   | 7 |   |
| Mortgage backed securities |   |                | 5,283  |   |                  |   | 67     |      |   |   | 423 |   |   |   | 5 |   |   |   | 5,706 |   |   |   | 71 |   |
|                       |   | $                   | 18,006 |   |                  | $      | 184    |      |   | $ | 423 |   |   | $ | 5 |   |   | $ | 18,429 |   |   | $ | 188 |   |

|                       |   | Less than 12 Months |   |   | 12 Months or Greater  |   |   | Total     |   |
|----------------------------|--------|---------------------|--------|--------|-----------------------|--------|--------|-----------|--------|
|                       |   | FairValue           |   |   | GrossUnrealizedLosses |   |   | FairValue |   |   | GrossUnrealizedLosses |   |   | FairValue |   |   | GrossUnrealizedLosses |   |
|  December 31, 2009:   |   |                |   |   |                  |   |   |      |   |   |   |   |   |   |   |   |   |   |
| Federal agencies           |   | $                   | 12,963 |   |                  | $      | 86     |      |   | $ | - |   |   | $ | - |   |   | $ | 12,963 |   |   | $ | 86 |   |
| Mortgage backed securities |   |                | 140    |   |                  |   | -      |      |   |   | 1,469 |   |   |   | 13 |   |   |   | 1,608 |   |   |   | 13 |   |
|                       |   | $                   | 13,103 |   |                  | $      | 86     |      |   | $ | 1,469 |   |   | $ | 13 |   |   | $ | 14,571 |   |   | $ | 99 |   |

----

|                                                 |   | 2010   |    |   | 2009   |   |
|------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                 |   |   |    |   |   |   |
| First mortgage conventional loans:                   |   |   |    |   |   |   |
| Secured by one- to four-family residences       |   | $      | 56,281  |   |   | $      | 54,363 |   |
| Commercial real estate                               |   |   | 27,131  |   |   |   | 17,946 |   |
| Commercial, other than real estate                   |   |   | 12,177  |   |   |   | 10,190 |   |
| Land                                                 |   |   | 11,473  |   |   |   | 10,929 |   |
| Consumer loans (including overdrafts of $44 and $33) |   |   | 12,156  |   |   |   | 12,688 |   |
| Loans secured by deposits                            |   |   | 6,300   |   |   |   | 8,706 |   |
| Construction loans                                   |   |   | 4,464   |   |   |   | 4,129 |   |
| Total                                                |   |   | 129,982 |   |   |   | 118,952 |   |
| Less: Allowance for loan losses                      |   |   | (1,286  | )      |   |   | (1,001 | ) |
|   Unfunded construction loan commitments   |   |   | (1,506  | )      |   |   | (887 | ) |
|                                                 |   |   |    |   |   |   |   |   |
|  Loans, net                                     |   | $      | 127,190 |   |   | $      | 117,064 |   |

----

|                         |   | 2010   |   |   | 2009   |   |
|------------------------------|--------|--------|--------|--------|--------|--------|
|                         |   |   |   |   |   |   |
| Balance, beginning of period |   |   | 1,001  |   |   |   | 1,000 |   |
| Provision for loan losses    |   |   | 370    |   |   |   | 60 |   |
| Recoveries                   |   |   | 37     |   |   |   | 5 |   |
| Loans charged off            |   |   | (122   | )      |   |   | (64 | ) |
| Balance, end of period       |   |   | 1,286  |   |   |   | 1,001 |   |

|                              |   | 2010   |   |   | 2009   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|
|                              |   |   |   |   |   |   |
| Loans                             |   | $      | 575    |   |   | $      | 560 |   |
| Mortgage-backed securities        |   |   | 51     |   |   |   | 47 |   |
| Investment securities and other   |   |   | 178    |   |   |   | 132 |   |
| Total accrued interest receivable |   | $      | 804    |   |   | $      | 739 |   |

----

|                              |   | 2010   |   |   | 2009   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|
|                              |   |   |   |   |   |   |
| Land and buildings                |   | $      | 5,683  |   |   | $      | 5,664 |   |
| Furniture, fixtures and equipment |   |   | 1,566  |   |   |   | 1,552 |   |
| Total                             |   |   | 7,249  |   |   |   | 7,216 |   |
| Less-accumulated depreciation     |   |   | (1,698 | )      |   |   | (1,396 | ) |
| Net premises and equipment        |   | $      | 5,551  |   |   | $      | 5,820 |   |

|                         |   | 2010   |   |   | 2009   |   |
|------------------------------|--------|--------|--------|--------|--------|--------|
|                         |   |   |   |   |   |   |
| Cash value of life insurance |   | $      | 566    |   |   | $      | 540 |   |
| Prepaid expenses             |   |   | 808    |   |   |   | 996 |   |
| Deferred income taxes        |   |   | 614    |   |   |   | 616 |   |
| Other real estate-MSI        |   |   | -      |   |   |   | 195 |   |
| Conversion cost/other        |   |   | 482    |   |   |   | - |   |
|                         |   | $      | 2,470  |   |   | $      | 2,347 |   |

|                                                                                   |   | 2010   |    |   | 2009   |   |
|----------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                   |   |   |    |   |   |   |
| Demand deposit accounts (including official checks of $346 in 2010 and $1,447 in 2009) |   | $      | 119,083 |   |   | $      | 99,335 |   |
| Passbook savings                                                                       |   |   | 13,500  |   |   |   | 12,302 |   |
| Certificates of deposit:                                                               |   |   |    |   |   |   |   |   |
| 0.00% – 0.99%                                                                    |   |   | 104     |   |   |   | 3 |   |
| 1.00% – 1.99%                                                                    |   |   | 72,329  |   |   |   | 36,884 |   |
| 2.00% – 2.99%                                                                    |   |   | 6,282   |   |   |   | 34,291 |   |
| 3.00% – 3.99%                                                                    |   |   | 451     |   |   |   | 4,564 |   |
| 4.00% – 4.99%                                                                    |   |   | 336     |   |   |   | 387 |   |
| Total certificates of deposit                                                          |   |   | 79,502  |   |   |   | 76,129 |   |
| Total deposits                                                                         |   | $      | 212,085 |   |   | $      | 187,766 |   |

----

|                |   | 2011   |   |   | 2012   |   |   | 2013   |   |   | Total  |   |
|---------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                |   |   |   |   |   |   |   |   |   |   |   |   |
| 0.00% – 0.99% |   | $      | 104    |   |   | $      | -      |   |   | $      | -      |   |   | $ | 104 |   |
| 1.00% – 1.99% |   |   | 64,113 |   |   |   | 8,092  |   |   |   | 124    |   |   |   | 72,329 |   |
| 2.00% – 2.99% |   |   | 4,832  |   |   |   | 390    |   |   |   | 1,059  |   |   |   | 6,282 |   |
| 3.00% – 3.99% |   |   | 451    |   |   |   | -      |   |   |   | -      |   |   |   | 451 |   |
| 4.00% – 4.99% |   |   | 336    |   |   |   | -      |   |   |   | -      |   |   |   | 336 |   |
|                |   | $      | 69,836 |   |   | $      | 8,482  |   |   | $      | 1,183  |   |   | $ | 79,502 |   |

|                  |   | December 31    |   |
|-----------------------|--------|----------------|--------|
|                  |   | 2010           |   |   | 2009 |   |
|                  |   | (in thousands) |   |
|                  |   |           |   |   |   |   |
| Federal income taxes: |   |           |   |   |   |   |
| Current               |   | $              | 1,256  |   |   | $ | 926 |   |
| Deferred              |   |           | (96    | ) |   |   | (953 | ) |
| Income tax expense    |   | $              | 1,160  |   |   | $ | (27 | ) |

|                              |   |        |   |   |   |   |
|-----------------------------------|--------|-------------|--------|--------|--------|--------|
|                              |   | December 31 |   |
|                              |   | 2010        |   |   | 2009   |   |
|                              |   |        |   |   |   |   |
| Statutory federal income tax rate |   |        | 34.0   | %      |   |   | 34.0 | % |
| Impairment charge                 |   |        | -      |   |   |   | (58.5 | )% |
| Tax credits                       |   |        | -      |   |   |   | (5.0 | )% |
| Various other items               |   |        | -      |   |   |   | 5.0 | % |
| Effective income tax rate         |   |        | 34.0   | %      |   |   | (24.5 | )% |

----

|                                                |   | December 31    |   |
|-----------------------------------------------------|--------|----------------|--------|
|                                                |   | 2010           |   |   | 2009 |   |
|                                                |   | (in thousands) |   |
| Deferred tax assets (liabilities):                  |   |           |   |   |   |   |
| Allowance for loan losses and credit losses         |   | $              | 107    |   |   | $ | 13 |   |
| Impairment charge                                   |   |           | 959    |   |   |   | 959 |   |
| Deferred compensation/stock options/incentive plans |   |           | 118    |   |   |   | 98 |   |
| Basis difference in premises and equipment          |   |           | (433   | ) |   |   | (412 | ) |
| Basis difference on investments                     |   |           | (137   | ) |   |   | (42 | ) |
| Net deferred tax liability                          |   | $              | 614    |   |   | $ | 616 |   |

----

----

|                                            |   |   |   |   |               |   |   |               |   |   |              |   |   | To Be Well        |       |
|-------------------------------------------------|--------|--------|--------|--------|--------------------|--------|--------|--------------------|--------|--------|-------------------|--------|--------|-------------------|------------|
|                                            |   |   |   |   |               |   |   |               |   |   |              |   |   | Capitalized Under |       |
|                                            |   |   |   |   |               |   |   | For Capital        |   |   | Prompt Corrective |   |
|                                            |   | Actual |   |   | Adequacy Purposes: |   |   | Action Provisions: |   |
|                                            |   | Amount |   |   | Ratio              |   |   | Amount             |   |   | Ratio             |   |   | Amount            |       |   | Ratio |   |
| As of December 31, 2010                         |   |   |   |   |               |   |   |               |   |   |              |   |   |              |       |   |   |   |
| Total capital (to Risk Weighted Assets)         |   | $      | 24,480 |   |               |   | 20.26  | %                  |   | $      | ≥9,666      |   |   |              | ≥8.0 | % |   | $ | ≥12,083 |   |   |   | ≥10.0 | % |
| Core (Tier I) Capital (to Risk Weighted Assets) |   | $      | 23,143 |   |               |   | 19.15  | %                  |   |   | N/A               |   |   |              | N/A        |   |   | $ | ≥7,250 |   |   |   | ≥6.0 | % |
| Core (Tier I) Capital (to Total Assets)         |   | $      | 23,143 |   |               |   | 9.37   | %                  |   | $      | ≥7,410      |   |   |              | ≥4.0 | % |   | $ | ≥12,350 |   |   |   | ≥5.0 | % |
| Tangible Capital (to Total Assets)              |   | $      | 23,143 |   |               |   | 9.37   | %                  |   | $      | ≥3,705      |   |   |              | ≥1.5 | % |   |   | N/A |   |   |   | N/A |   |
|                                            |   |   |   |   |               |   |   |               |   |   |              |   |   |              |       |   |   |   |   |   |   |   |   |   |
| As of December 31, 2009                         |   |   |   |   |               |   |   |               |   |   |              |   |   |              |       |   |   |   |   |   |   |   |   |   |
| Total capital (to Risk Weighted Assets)         |   | $      | 21,598 |   |               |   | 19.04  | %                  |   | $      | ≥9,075      |   |   |              | ≥8.0 | % |   | $ | ≥11,343 |   |   |   | ≥10.0 | % |
| Core (Tier I) Capital (to Risk Weighted Assets) |   | $      | 20,595 |   |               |   | 18.16  | %                  |   |   | N/A               |   |   |              | N/A        |   |   | $ | ≥6,806 |   |   |   | ≥6.0 | % |
| Core (Tier I) Capital (to Total Assets)         |   | $      | 20,595 |   |               |   | 9.78   | %                  |   | $      | ≥6,317      |   |   |              | ≥3.0 | % |   | $ | ≥10,528 |   |   |   | ≥5.0 | % |
| Tangible Capital (to Total Assets)              |   | $      | 20,595 |   |               |   | 9.78   | %                  |   | $      | ≥3,159      |   |   |              | ≥1.5 | % |   |   | N/A |   |   |   | N/A |   |

|                                              |   | 2010   |   |   | 2009   |   |
|---------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                              |   |   |   |   |   |   |
| GAAP equity                                       |   | $      | 23,410 |   |   | $      | 20,933 |   |
| Investment in nonincludable subsidiary            |   |   | --     |   |   |   | (256 | ) |
| Accumulated other comprehensive unrealized gains  |   |   | (267   | )      |   |   | (82 | ) |
| Tier 1 capital                                    |   |   | 23,143 |   |   |   | 20,595 |   |
| Unrealized gains on available-for sale securities |   |   | 51     |   |   |   | 2 |   |
| Allowance for loan losses                         |   |   | 1,286  |   |   |   | 1,003 |   |
| Total capital                                     |   | $      | 24,480 |   |   | $      | 21,598 |   |

----

----

|                                                       |   |     |    |   |   |   |    |     |   |   |    |   |
|------------------------------------------------------------|--------|----------|---------|--------|--------|--------|---------|----------|--------|--------|---------|--------|
|                                                       |   | 2010     |    |   | 2009   |   |
|                                                       |   | Carrying |    |   | Fair   |   |    | Carrying |   |   | Fair    |   |
|                                                       |   | Amount   |    |   | Value  |   |    | Amount   |   |   | Value   |   |
| Financial assets:                                          |   |     |    |   |   |   |    |     |   |   |    |   |
| Cash and cash equivalents                                  |   | $        | 48,702  |   |   | $      | 48,702  |     |   | $      | 33,514  |   |   | $ | 33,514 |   |
| Securities available for sale                              |   |     | 62,436  |   |   |   | 62,436  |     |   |   | 50,630  |   |   |   | 50,630 |   |
| Securities held to maturity                                |   |     | 139     |   |   |   | 140     |     |   |   | 166     |   |   |   | 168 |   |
| FNBB & FHLB stock                                      |   |     | 449     |   |   |   | 449     |     |   |   | 448     |   |   |   | 448 |   |
| Loans, net                                                 |   |     | 127,190 |   |   |   | 126,795 |     |   |   | 117,064 |   |   |   | 118,656 |   |
| Accrued interest receivable                                |   |     | 804     |   |   |   | 804     |     |   |   | 739     |   |   |   | 739 |   |
|                                                       |   |     |    |   |   |   |    |     |   |   |    |   |   |   |   |   |
| Financial liabilities:                                     |   |     |    |   |   |   |    |     |   |   |    |   |   |   |   |   |
| Deposits                                                   |   |     | 212,085 |   |   |   | 212,276 |     |   |   | 187,766 |   |   |   | 187,766 |   |
| Accrued interest payable                                   |   |     | 311     |   |   |   | 311     |     |   |   | 364     |   |   |   | 364 |   |
|                                                       |   |     |    |   |   |   |    |     |   |   |    |   |   |   |   |   |
| Off-balance sheet credit related to financial instruments: |   |     |    |   |   |   |    |     |   |   |    |   |   |   |   |   |
| Commitments to extend credit                               |   |     | 16,873  |   |   |   | 16,873  |     |   |   | 9,170   |   |   |   | 9,170 |   |

|   | ● | Level 1 valuations, where the valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include exchanges and over-the-counter markets with sufficient volume), |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Level 2 valuations, where the valuation is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market, and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ● | Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in the market, but observable based on the Company’s-specific data.  These unobservable assumptions reflect the Company’s own estimates for assumptions that market participants would use in pricing the asset or liability.  Valuation techniques typically include option pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                          | Level 1 |   |   | Level 2 |   | Level 3 |   |   | Fair Value |   |
|-------------------------------|---------|--------|--------|---------|--------|---------|--------|--------|------------|--------|
|                          |    |   |   |    |   |    |   |   |       |   |   |   |
| December 31, 2010:            |    |   |   |    |   |    |   |   |       |   |   |   |
| Securities available for sale |    | $      | -      |    |   | $       | 62,436 |   |       | $      | - |   |   | $ | 62,436 |   |
|                          |    |   |   |    |   |    |   |   |       |   |   |   |   |   |   |   |
|                          | Level 1 |   |   | Level 2 |   | Level 3 |   |   | Fair Value |   |
|                          |    |   |   |    |   |    |   |   |       |   |   |   |   |   |   |   |
| December 31, 2009:            |    |   |   |    |   |    |   |   |       |   |   |   |   |   |   |   |
| Securities available for sale |    |   | -      |    |   |    | 50,630 |   |       |   | - |   |   |   | 50,630 |   |

----

----

|                                   |   | Total Options |   |
|----------------------------------------|--------|---------------|--------|
|                                   |   | Number        |   |   | Average |   | Average |   |
|                                   |   | of            |   |   |  Exercise |   |  Intrinsic |   |
|                                   |   | Shares        |   |   | Price |   | Value |   |
|                                   |   |          |   |   |   |   |   |   |   |   |   |
| Outstanding-December 31, 2007          |   |          | 47,080 |   |   | $ | 15.375 |   |   |   |   |
| Granted                                |   |          | 2,805  |   |   | $ | 20.85 |   |   |   |   |
| Outstanding-December 31, 2008          |   |          | 49,885 |   |   | $ | 15.68 |   |   |   |   |
| Granted                                |   |          | 11,974 |   |   | $ | 11.00 |   |   |   |   |
| Outstanding-December 31, 2010 and 2009 |   |          | 61,859 |   |   | $ | 14.79 |   |   | $ | 220,707 |   |
| Options exercisable at period end      |   |          | 50,596 |   |   |   |   |   |   | $ | 181,290 |   |

|                         |   | Options Outstanding |   |
|------------------------------|--------|---------------------|--------|
|                         |   |                |   |   | Weighted |   |   |   |   |
|                         |   |                |   |   | Average |   |   | Weighted |   |
|                         |   |                |   |   | Remaining |   |   | Average |   |
| Range of                     |   | Number              |   |   | Contractual |   |   | Exercise |   |
| Exercise Prices              |   | Outstanding         |   |   | Life |   |   | Price |   |
|                         |   |                |   |   |   |   |   |   |   |
| $15.375                      |   |                | 47,080 |   |   | 2 years |   |   | $ | 15.375 |   |
| $10.01 - $15.00              |   |                | 11,974 |   |   | 7 years |   |   | $ | 11.00 |   |
| $20.01 and above             |   |                | 2,805  |   |   | 6 years |   |   | $ | 20.85 |   |
|                         |   |                |   |   |   |   |   |   |   |   |   |
| Outstanding at end of period |   | 61,859              |   |   | 3.2 years |   |   | $ | 14.79 |   |

|                                 |   |      |   |   | Weighted Average |   |
|--------------------------------------|--------|-----------|--------|--------|------------------|--------|
|                                 |   | Number of |   |   | Grant Date Fair  |   |
|                                 |   | Shares    |   |   | Value            |   |
|                                 |   |      |   |   |             |   |
| Nonvested options, December 31, 2009 |   |      | 14,218 |   |             | $      | 12.87 |   |
| Vested                               |   |      | (2,956 | )      |             | $      | 12.87 |   |
| Nonvested options, December 31, 2010 |   |      | 11,262 |   |             | $      | 12.87 |   |

----

|                        |   | 2010           |   |   | 2009   |   |
|-----------------------------|--------|----------------|--------|--------|--------|--------|
|                        |   | (in thousands) |   |
| Balance-beginning of period |   | $              | 2,054  |   |   | $      | 2,149 |   |
| New loans                   |   |           | 5,281  |   |   |   | 1,195 |   |
| Principal repayments        |   |           | (5,505 | )      |   |   | (1,290 | ) |
| Balance-end of period       |   | $              | 1,830  |   |   | $      | 2,054 |   |

----

----

----

| Balance Sheets                                   |   | 2010   |   |   | 2009   |   |
|--------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                             |   |   |   |   |   |   |
| Assets                                           |   |   |   |   |   |   |
|                                             |   |   |   |   |   |   |
| Cash                                             |   | $      | 10,443 |   |   | $      | 963 |   |
| Investment in subsidiaries                       |   |   | 23,410 |   |   |   | 20,933 |   |
| Other assets                                     |   |   | 487    |   |   |   | 6 |   |
|                                             |   |   |   |   |   |   |   |   |
| Total assets                                     |   | $      | 34,340 |   |   | $      | 21,902 |   |
|                                             |   |   |   |   |   |   |   |   |
| Liabilities and Stockholders’ Equity       |   |   |   |   |   |   |   |   |
|                                             |   |   |   |   |   |   |   |   |
| Other liabilities (stock escrow)                 |   |   | 10,230 |   |   |   | - |   |
| Stockholders’ equity-net                   |   |   | 24,110 |   |   |   | 21,902 |   |
|                                             |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders’ equity |   | $      | 34,340 |   |   | $      | 21,902 |   |
|                                             |   |   |   |   |   |   |   |   |
| Income Statements                                |   |   |   |   |   |   |   |   |
|                                             |   |   |   |   |   |   |   |   |
| Income                                           |   | $      | 6      |   |   | $      | 79 |   |
| Expenses                                         |   |   | 35     |   |   |   | 42 |   |
|                                             |   |   | (29    | )      |   |   | 37 |   |
| Equity in earnings of subsidiary                 |   |   | 2,272  |   |   |   | 107 |   |
|                                             |   |   |   |   |   |   |   |   |
| Income before income taxes                       |   |   | 2,243  |   |   |   | 144 |   |
|                                             |   |   |   |   |   |   |   |   |
| Income tax expense (benefit)                     |   |   | (10    | )      |   |   | 7 |   |
|                                             |   |   |   |   |   |   |   |   |
| Net income                                       |   | $      | 2,253  |   |   | $      | 137 |   |

----

|                                                                              |   |   |   |   |   |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                                              |   | 2010   |   |   | 2009   |   |
| Cash Flow Statement                                                               |   |   |   |   |   |   |
|                                                                              |   |   |   |   |   |   |
| Cash flows from operating activities:                                             |   |   |   |   |   |   |
| Net income                                                                        |   | $      | 2,253  |   |   | $      | 137 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |   |   |   |   |   |   |   |
| Equity in (income) of subsidiaries                                                |   |   | (2,272 | )      |   |   | (107 | ) |
| Gain on sale of WWI                                                               |   |   | -      |   |   |   | (70 | ) |
| Other                                                                             |   |   | 61     |   |   |   | (38 | ) |
| Net cash provided (used) by operating activities                                  |   |   | 42     |   |   |   | (78 | ) |
|                                                                              |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                             |   |   |   |   |   |   |   |   |
| Proceeds from sale of WWI                                                         |   |   | -      |   |   |   | 452 |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                             |   |   |   |   |   |   |   |   |
| Dividends paid                                                                    |   |   | (311   | )      |   |   | (243 | ) |
| Stock escrow                                                                      |   |   | 10,230 |   |   |   | - |   |
| Other                                                                             |   |   | (481   | )      |   |   | 64 |   |
| Net cash provided (used) by financing activities                                  |   |   | 9,438  |   |   |   | (179 | ) |
|                                                                              |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                              |   |   | 9,480  |   |   |   | 195 |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                  |   |   | 963    |   |   |   | 768 |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                        |   | $      | 10,443 |   |   | $      | 963 |   |

----

----

|              |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |              |   |             |
|-------------------|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|------------------|
| Name              |   | Age    |   | Principal Occupation Duringthe Past Five Years/Public Directorships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Year Term Expires |   | DirectorSince(1) |
|              |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |              |   |             |
| Russell A. Adams  |   | 85     |   | Director and Secretary of the board of directors. Retired. Previously, served as President of MBL Bank, Minden, Louisiana, from 1960 to 1987. Mr. Adams brings to the board perspective and experience gained as a director for fifty years and managing officer of MBL Bank for more than 25 years.                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2013              |   | 1960             |
|              |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |              |   |             |
| Jack E. Byrd, Jr. |   | 64     |   | Director. President and Chief Executive Officer of Minden Bancorp since January 2008; Chairman of the Board since September 2010; previously Senior Financial Advisor of Minden Bancorp and MBL Bank since April 2, 2007; previously President, Regions Bank of North Louisiana, from 1999 to March 2007; previously President of Minden Bank & Trust Company from 1989 until its merger with Regions Bank in 1999. As Chairman, President and Chief Executive Officer, Mr. Byrd brings to the board knowledge of Minden Bancorp’s operations, as well as perspective on its strengths, challenges and opportunities. He also brings more than 30 years of involvement in community banking in Webster Parish. |   | 2013              |   | 2007             |

----

| Name |   | Age |   | Principal Occupation Duringthe Past Five Years/Public Directorships |   | Year Term Expires |   | DirectorSince(1) |
|------|--------|-----|--------|---------------------------------------------------------------------|--------|-------------------|--------|------------------|

|              |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
|-------------------|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
| John P. Collins   |   | 63     |   | Director.  Owner and President of A.J. Price, Inc., an auto parts store, Minden, Louisiana, since 1970 and owner and President of A.J. Price Tire, LLC, Benton, Louisiana, since 2005. Mr. Collins brings to the board entrepreneurial and business management experience from successfully managing a business for 40 years. Mr. Collins also lives and works in Minden.                                                                                                                                                                                                                         |   | 2012   |   | 2000   |
|              |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| A. David Evans    |   | 69     |   | President and Chief Executive Officer of MBL Bank from July 1989 to January 2008 and of Minden Bancorp from July 2002 to January 2008; Chairman of the Board of the predecessor of Minden Bancorp from 2002 to 2011 when it merged into Minden Bancorp. Mr. Evans brings to the board knowledge of Minden Bancorp’s operations through his service as President and Chief Executive Officer of Minden Bancorp for six years and of MBL Bank for 19 years.  He also brings extensive knowledge of and familiarity with the market area in which we operate.                                  |   | 2011   |   | 1989   |
|              |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| Michael S. Harper |   | 59     |   | Director. President and owner of Harper Motors, Inc., Minden, Louisiana from 1996 to present; President and owner of Julian Foy Motors, Inc., Many, Louisiana since 2003. Mr. Harper brings to the board his entrepreneurial and business management experience from successfully operating two automobile dealerships in Webster and Sabine Parishes as well as his in-depth knowledge of the communities that we serve.                                                                                                                                                                                   |   | 2013   |   | 2004   |
|              |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| F. Dare Lott, Jr. |   | 60     |   | Director. Veterinarian and owner of the Minden Animal Clinic, Minden, Louisiana, since 1974; President of Plantation Farm, Minden, Louisiana, since 2009; owner and President of PetCare Animal Hospital, Haughton, Louisiana since 2006; President of I-20 Equine Associates, Minden, Louisiana, since 2002. Mr. Lott brings to the board his entrepreneurial and business management experience from successfully managing a number of businesses including operating a successful veterinary practice for more than 35 years. He also has extensive knowledge of Minden and the surrounding communities. |   | 2012   |   | 1981   |

----

| Name |   | Age |   | Principal Occupation Duringthe Past Five Years/Public Directorships |   | Year Term Expires |   | DirectorSince(1) |
|------|--------|-----|--------|---------------------------------------------------------------------|--------|-------------------|--------|------------------|
|   |
|--------|

| Michael W. Wise   |   | 52     |   | Director.  Certified Public Accountant with Jamieson Wise and Martin, Minden, Louisiana, since 1980. Mr. Wise brings to the board extensive financial experience as well as experience in public accounting resulting from his operation of an accounting firm for 30 years.                                 |   | 2012   |   | 2000   |
|-------------------|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
|              |   |   |   |                                                                                                                                                                                                                                                                                                                        |   |   |   |   |
| R.E. Woodard, III |   | 58     |   | Director. Certified financial planner for Lincoln Financial Group, an insurance and investment management company headquartered in Philadelphia, Pennsylvania, since 1975. Mr. Woodard brings to the board his extensive knowledge of the insurance industry as well as his knowledge of the local business community. |   | 2011   |   | 2000   |

----

| (1) | Includes a service as a director of Minden Bancorp’s predecessor and MBL Bank. |
|-----|--------------------------------------------------------------------------------------|

| Name              |   | Age    |   | Principal Occupation During the Past Five Years                                                                                                                                                                                             |
|-------------------|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Becky T. Harrell  |   | 59     |   | Chief Financial Officer and Treasurer of MBL Bank since 2002.  Treasurer of Minden Bancorp since 2002 and Chief Financial Officer and Treasurer since September 2010.                                                             |
|              |   |   |   |                                                                                                                                                                                                                                        |
| Michael P. Burton |   | 50     |   | Senior Vice President and Senior Loan Officer as well as Secretary of Minden Bancorp since 2002.  Senior Loan Officer of MBL Bank from April 2001 to June 2002 and Senior Vice President and Senior Loan Officer since July 2002. |

----

----

| Directors         |   | Audit  |   | Compensation |   | Nominating |
|-------------------|--------|--------|--------|--------------|--------|------------|
| John P. Collins   |   |   |   | X            |   | X          |
| Michael S. Harper |   |   |   |         |   | X          |
| F. Dare Lott, Jr. |   | X      |   | X            |   | X          |
| Michael W. Wise   |   | X      |   |         |   |       |
| R.E. Woodard, III |   | X      |   | X            |   |       |

----

|                                                 |   | FiscalYear |   |   |   |   |    |   |   |   | StockAwards(1) |   |   | OptionAwards(1) |     |   | All Other |   |   |   |   |
|------------------------------------------------------|--------|------------|--------|--------|--------|--------|---------|--------|--------|--------|----------------|--------|--------|-----------------|----------|--------|-----------|--------|--------|--------|--------|
| Name and Principal Position                          |   |       |   | Salary |   |   | Bonus   |   |   |   |           |   |   | Compensation(2) |     |   | Total     |   |
| Jack E. Byrd, Jr.                                    |   |       | 2010   |   |   | $      | 191,667 |   |   | $      | 30,099         |   |   | $               | --       |   |      | $      | --     |   |   | $ | 60,622 |   |   | $ | 282,388 |   |
| Chairman, President and Chief Executive Officer |   |       | 2009   |   |   |   | 150,000 |   |   |   | 25,099         |   |   |            | 59,664   |   |      |   | 53,269 |   |   |   | 52,176 |   |   |   | 340,207 |   |
|                                                 |   |       |   |   |   |   |    |   |   |   |           |   |   |            |     |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Becky T. Harrell                                |   |       | 2010   |   |   |   | 77,083  |   |   |   | 12,000         |   |   |            | --       |   |      |   | --     |   |   |   |  23,776 |   |   |   | 112,860 |   |
| Chief Financial Officer                              |   |       | 2009   |   |   |   | 74,583  |   |   |   | 11,500         |   |   |            |  -- |   |      |   | --     |   |   |   |  25,574 |   |   |   | 111,677 |   |
|                                                 |   |       |   |   |   |   |    |   |   |   |           |   |   |            |     |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Michael P. Burton                                    |   |       | 2010   |   |   |   | 114,000 |   |   |   | 22,500         |   |   |            | --       |   |      |   | --     |   |   |   | 27,864 |   |   |   | 164,364 |   |
| Senior Vice President and Senior Loan Officer   |   |       | 2009   |   |   |   | 110,977 |   |   |   | 21,500         |   |   |            | --       |   |      |   | --     |   |   |   | 27,691 |   |   |   | 160,168 |   |

----

|   | (1) | Reflects the grant date value in accordance with FASB ASC Topic 718 for awards of restricted stock and stock options that were granted during the fiscal year.  The valuation of the restricted stock awards is based on a grant date fair value of $11.00.  The assumptions used in valuing the stock option awards are set forth in Note 14 to the Consolidated Financial Statements included in this Form 10-K. Mr. Byrd was granted in January 2009 (i) an option covering 11,974 shares and (ii) restricted stock awards covering 5,424 shares. The restricted stock awards and options vest pro rata over five years beginning in January 2010.  |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Includes contributions by MBL Bank of $13,006, $8,130 and $5,315 to the accounts of Messrs. Byrd and Burton and Ms. Harrell, respectively, under the MBL Bank 401(k) Plan during fiscal 2010. Also includes the fair market value ($16.25) on December 31, 2010, the date shares of Minden Bancorp common stock were deemed allocated, multiplied by the 869.9751, 580.6993 and 380.9236 shares  (estimated) allocated to the employee stock ownership plan accounts of Messrs. Byrd and Burton and Ms. Harrell, respectively, during fiscal 2010.  Also includes $9,271 and $5,298 accrued for the benefit of Ms. Harrell and Mr. Burton, respectively, pursuant to supplemental executive retirement agreements. Includes $23,800 in directors’ fees paid to Mr. Byrd during fiscal 2010.  In addition, includes dividends paid on restricted stock awards in fiscal 2010 to Mr. Byrd and the expense of providing company-owned automobiles for Messrs. Byrd and Burton and Ms. Harrell. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|              |   |                                                  |   |   |                                                         |          |   |                       |                                                                              |   |   |   |   |   | Stock Awards(1) |   |
|-------------------|--------|-------------------------------------------------------|--------|--------|--------------------------------------------------------------|---------------|--------|----------------------------|-----------------------------------------------------------------------------------|--------|--------|--------|--------|--------|-----------------|--------|
|              |   | Option Awards                                         |   |   |  Number of Sharesor Units of Stock That Have Not Vested |          |   |                       |   Market Value of Shares or Units of Stock That Have Not Vested(3) |   |
|              |   | Number of Securities UnderlyingUnexercised Options(1) |   |   | OptionExercisePrice                                          |          |   |  OptionExpirationDate |                                                                              |   |   |   |   |   |
| Name              |   | Exercisable                                           |   |   |                                                         | Unexercisable |   |                       |                                                                              |   |   |   |   |   |            |   |
| Jack E. Byrd, Jr. |   |                                                  | 1,955  |   |                                                         |          | 2,933  |                       |                                                                              | $      | 11.96  |   |   |   | 4/8/2018        |   |   |   | 5,013 | (2) |   | $ | 81,461 |   |
|              |   |                                                  | 4,172  |   |                                                         |          | 16,695 |                       |                                                                              |   | 6.31   |   |   |   | 1/13/2019       |   |   |   | -- |   |   |   | -- |   |
| Becky T. Harrell  |   |                                                  | 10,456 |   |                                                         |          | --     |                       |                                                                              |   | 8.82   |   |   |   | 5/15/2013       |   |   |   | -- |   |   |   | -- |   |
| Michael P. Burton |   |                                                  | 13,941 |   |                                                         |          | --     |                       |                                                                              |   | 8.82   |   |   |   | 5/15/2013       |   |   |   | -- |   |   |   | -- |   |

----

| (1) | Takes into account the effect of the second-step conversion which was completed on January 4, 2011.  The number of shares of common stock subject to options and unvested restricted stock awards were adjusted for the exchange ratio of 1.7427.  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes a grant during fiscal 2009 of restricted stock in the amount of 5,424 shares which commenced vesting at the rate of 20% per year commencing on January 13, 2010.  The number of unvested shares reflected in the table has not been adjusted to reflect the application of the exchange ratio. As of January 4, 2011, upon completion of the second-step conversion, the number of unvested shares was adjusted to 8,737.  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Calculating by multiplying the closing price of our common stock on December 31, 2010, which has $16.25, by the number of shares of common stock underlying Mr. Byrd’s stock awards.  Using the closing price ($12.85) on January 5, 2011, the first trading day after the completion of the second step conversion, and applying the exchange ratio the value would be $112,270. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Option Exercises and Stock Vested |
|-----------------------------------|

|              |   | Stock Awards                              |   |
|-------------------|--------|-------------------------------------------|--------|
|              |   |  Number of SharesAcquired on Vesting |   |   | Value Received |   |
| Name              |   |                                      |   | on Vesting |   |
| Jack E. Byrd, Jr. |   |                                      | 1,309  |   |   | $ | 19,682 |   |

----

----

| Name                                                                                                                                                                                            |   | Fees Earned or Paid in Cash |   |   | All OtherCompensation |   |     | Total  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|-----------------------|--------|----------|--------|--------|
| Russell A. Adams                               |   | $                           | 25,000 |   |                  | $      |  -- |   |   | $ | 25,000 |   |
| John P. Collins                                |   |                        | 23,800 |   |                  |   | --       |   |   |   | 23,800 |   |
| A. David Evans                                 |   |                        | 23,800 |   |                  |   | 43,303   | (2)    |   |   | 67,103 |   |
| Michel S. Harper                               |   |                        | 23,800 |   |                  |   | --       |   |   |   | 23,800 |   |
| A. Loye Jones(1)                               |   |                        | 23,800 |   |                  |   | --       |   |   |   | 23,800 |   |
| F. Dare Lott, Jr.                              |   |                        | 23,800 |   |                  |   | --       |   |   |   | 23,800 |   |
| Michael W. Wise                                |   |                        | 23,800 |   |                  |   | --       |   |   |   | 23,800 |   |
| R.E. Woodard, III                              |   |                        | 23,800 |   |                  |   | --       |   |   |   | 23,800 |   |

----

----

| Name of BeneficialOwner or Number ofPersons in Group                                       |   | Amount and Natureof BeneficialOwnership as ofMarch 15, 2011(1) |                  |   | Percent ofCommon Stock |   |
|--------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|-----------------------|--------|------------------------|--------|
| Minden Bancorp, Inc.Employee Stock Ownership Plan100 MBL Bank DriveMinden, Louisiana 71055 |   |                                                           |     121,115 |   |                   |   | 5.1 | % |
|                                                                                       |   |                                                           |                  |   |                   |   |   |   |
| Directors:                                                                                 |   |                                                           |                  |   |                   |   |   |   |
| Russell A. Adams(2)                                                                        |   |                                                           | 29,270                |   |                   |   | 1.2 |   |
| Jack E. Byrd, Jr.(2)(3)                                                                    |   |                                                           | 98,871                |   |                   |   | 4.1 |   |
| John P. Collins(2)(4)                                                                      |   |                                                           | 60,410                |   |                   |   | 2.5 |   |
| A. David Evans(2)(5)                                                                       |   |                                                           | 86,019                |   |                   |   | 3.6 |   |
| Michael S. Harper(6)                                                                       |   |                                                           | 33,735                |   |                   |   | 1.4 |   |
| F. Dare Lott, Jr.(2)                                                                       |   |                                                           | 55,556                |   |                   |   | 2.3 |   |
| Michael W. Wise(2)(7)                                                                      |   |                                                           | 21,556                |   |                   |   | * |   |
| R. E. Woodard, III(2)(8)                                                                   |   |                                                           | 88,075                |   |                   |   | 3.7 |   |
|                                                                                       |   |                                                           |                  |   |                   |   |   |   |
| Other Executive Officers:                                                                  |   |                                                           |                  |   |                   |   |   |   |
| Michael P. Burton(2)(9)                                                                    |   |                                                           | 52,199                |   |                   |   | 2.2 |   |
| Becky T. Harrell(2)(10)                                                                    |   |                                                           | 33,313                |   |                   |   | 1.4 |   |
|                                                                                       |   |                                                           |                  |   |                   |   |   |   |
| All Directors and Executive Officers of Minden Bancorp as a group (10 persons)             |   |                                                           | 559,004               | (11)   |                   |   | 22.6 |   |

----

|   | (1) | Based upon information furnished by the respective individuals.  Under regulations promulgated pursuant to the Exchange Act, shares of common stock are deemed to be beneficially owned by a person if he or she directly or indirectly has or shares (a) voting power, which includes the power to vote or to direct the voting of the shares, or (b) investment power, which includes the power to dispose or to direct the disposition of the shares.  Unless otherwise indicated, the named beneficial owner has sole voting and dispositive power with respect to the shares.  None of the shares reflected as being beneficially owned by executive officers and directors are pledged as security. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|         (2) | (a) | Includes options to acquire shares of Minden Bancorp common stock that are exercisable within 60 days of March 15, 2011, under our 2003 Stock Option Plan as follows: |
|-------------------------------------------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name              |   | Number of Shares |   |
|-------------------|--------|------------------|--------|
|              |   |             |   |   |
| Russell A. Adams  |   |             | 4,888  |   |
|              |   |             |   |   |
| Jack E. Byrd, Jr. |   |             | 11,276 |   |
|              |   |             |   |   |
| John P. Collins   |   |             | 4,888  |   |
|              |   |             |   |   |
| A. David Evans    |   |             | 28,318 |   |
|              |   |             |   |   |
| F. Dare Lott, Jr. |   |             | 4,888  |   |
|              |   |             |   |   |
| Michael W. Wise   |   |             | 4,888  |   |
|              |   |             |   |   |
| R.E. Woodard, III |   |             | 4,888  |   |
|              |   |             |   |   |
| Michael P. Burton |   |             | 13,941 |   |
|              |   |             |   |   |
| Becky T. Harrell  |   |             | 10,456 |   |

|   | (b) | Includes shares over which the directors or officers have voting power but which have not vested which have been granted pursuant to our 2003 Recognition and Retention Plan and Trust Agreement and are held in the associated trust, as follows: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name              |   | Number of Shares |   |
|-------------------|--------|------------------|--------|
|              |   |             |   |   |
| Jack E. Byrd, Jr. |   |             | 6,844  |   |

|   | (3) | Includes 15,000 shares held by Mr. Byrd’s spouse and 4,046 shares allocated to Mr. Byrd pursuant to the ESOP. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Includes 21,783 shares held by Mr. Collin’s spouse. |
|--------|-----|-----------------------------------------------------------|

|   | (5) | Includes 1,197 shares held by Mr. Evans’s spouse and 17,427 shares held by a private family foundation for which Mr. Evans serves as secretary/treasurer. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Includes 10,000 shares held in 401(k) Plan. |
|--------|-----|---------------------------------------------|

|   | (7) | Includes 300 shares held by Mr. Wise’s minor children and 5,000 shares held in a 401(k) maintained by the accounting firm of which he is a joint owner. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (8) | Includes 60,207 shares held by a company in which Mr. Woodard owns a 13.5% interest. |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (9) | Includes 8,842 shares held jointly with his father, 392 shares held by Mr. Burton’s spouse, 2,617 shares held jointly with his spouse and 12,823 shares allocated to Mr. Burton pursuant to the ESOP. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10) | Includes 43 shares held by Ms. Harrell’s daughter and 8,730 shares allocated to Ms. Harrell pursuant to the ESOP. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

|   | (11) | Includes options covering 88,431 shares which are exercisable within 60 days of March 15, 2011 and 25,599 shares allocated to executive officers pursuant to the ESOP. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Plan Category                                                   |   | Number of Shares to be Issued Upon the Exercise of Outstanding Options, Warrants and Rights |    |   | Weighted Average Exercise Price of Outstanding Options |   |   | Number of Shares Available for Future Issuance (Excluding Shares reflected in First Column) |   |
|-----------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|---------|--------|--------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------|--------|
|                                                            |   |                                                                                        |    |   |                                                   |   |   |                                                                                        |   |   |   |   |
| Equity compensation plans approved by security holders     |   |                                                                                        | 110,856 | (1)    |                                                   | $      |   |                                                                                        |   |   | 3,847 | (2) |
|                                                            |   |                                                                                        |    |   |                                                   |   |   |                                                                                        |   |   |   |   |
| Equity compensation plans not approved by security holders |   |                                                                                        | --      |   |                                                   | $      |   |                                                                                        |   |   |   |   |

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Year Ended December 31, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 2010                    |   |   | 2009 |   |
| Audit fees (1)                                                                                              |   | $                       | 35,000 |   |   | $ | 37,500 |   |
| Audit-related fees (2)                                                                                      |   |                    | 51,525 |   |   |   | -- |   |
| Tax fees (3)                                                                                                |   |                    | 7,500  |   |   |   | 7,500 |   |
| All other fees                                                                                              |   |                    | 386    |   |   |   | 1,200 |   |
| Total                                                                                                                 |   | $                       | 94,411 |   |   | $ | 46,200 |   |

----

| (1) | Audit fees consist of fees incurred in connection with the audit of our annual financial statements, the review of the interim financial statements included in our quarterly reports filed with the Securities and Exchange Commission, as well as work generally only the independent auditor can reasonably be expected to provide, such as statutory audits, consents and assistance with and review of documents filed with the Securities and Exchange Commission. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Audit-related fees consist of fees incurred in connection with the review of the registration statement in connection with the second-step conversion of Minden Bancorp including conducting comfort procedures, issuance of consents related to the registration statement and the issuance of a tax opinion. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Tax fees consist primarily of fees paid with preparing federal and state tax returns and other tax related services. |
|-----|----------------------------------------------------------------------------------------------------------------------|

----

|   | (a)(1) | The following financial statements are incorporated by reference from Item 8 hereof: |
|--------|--------|--------------------------------------------------------------------------------------|

|   | Report of Independent Registered Public Accounting Firm |
|--------|---------------------------------------------------------|
|   | Consolidated Balance Sheets                             |
|   | Consolidated Statements of Income                       |
|   | Consolidated Statements of Equity                       |
|   | Consolidated Statements of Cash Flows                   |
|   | Notes to Consolidated Financial Statements              |

| No.  |   | Description                                                                                            |   | Location        |
|------|--------|--------------------------------------------------------------------------------------------------------|--------|-----------------|
| 3.1  |   | Articles of Incorporation of Minden Bancorp, Inc.                                                      |   | (1)   |
| 3.2  |   | Bylaws of Minden Bancorp, Inc.                                                                         |   | (1)   |
| 4.0  |   | Form of Stock Certificate of Minden Bancorp, Inc.                                                      |   | (1)   |
| 10.1 |   | Minden Bancorp, Inc. Amended and Restated 2003 Stock Option Plan                                       |   | (1)*            |
| 10.2 |   | Minden Bancorp, Inc. Amended and Restated 2003 Recognition and Retention Plan and Trust Agreement |   | (1)*            |
| 10.3 |   | Employment Agreement between MBL Bank and Jack E. Byrd, Jr.                                            |   | (1)*            |
| 10.4 |   | Supplemental Executive Retirement Agreement between MBL Bank and A. David Evans                        |   | (1)*            |
| 10.5 |   | Supplemental Executive Retirement Agreement between MBL Bank and Michael P. Burton                |   | (1)*            |
| 10.6 |   | Supplemental Executive Retirement Agreement between MBL Bank and Becky T. Harrell                 |   | (1)*            |
| 23.0 |   | Consent of Heard McElroy & Vestal, LLP                                                             |   | Filed herewith  |
| 31.1 |   | Rule 13(a)-14(a) Certification of the Chief Executive Officer                                          |   | Filed herewith  |
| 31.2 |   | Rule 13(a)-14(a) Certification of the Chief Financial Officer                                          |   | Filed herewith  |
| 32.0 |   | Section 1350 Certification                                                                             |   | Filed herewith  |

----

|   |  (1) | Incorporated by reference from the like-numbered exhibit included in Minden Bancorp, Inc.’s registration statement on Form S-1, filed September 17, 2010, as amended (SEC File No. 333-169458). |
|--------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) |  The exhibits listed under (a)(3) of this Item 15 are filed herewith. |
|--------|-----|----------------------------------------------------------------------------|

|   | (c) |  Reference is made to (a)(2) of this Item 15. |
|--------|-----|----------------------------------------------------|

----

|           |                 |                                                 |
|----------------|----------------------|------------------------------------------------------|
|           | MINDEN BANCORP, INC. |
|           |                 |
| March 31, 2011 | By:                  | /s/ Jack E. Byrd, Jr.                                |
|           |                 | Jack E. Byrd, Jr.                                    |
|           |                 | Chairman, President and Chief Executive Officer |

| Name                  |   | Title                                   |   | Date           |
|-----------------------|--------|-----------------------------------------|--------|----------------|
|                  |   |                                    |   |           |
| /s/ Jack E. Byrd, Jr. |   | Chairman, President and Chief Executive |   |           |
| Jack E. Byrd, Jr.     |   | Officer (principal executive officer)   |   | March 31, 2011 |
|                  |   |                                    |   |           |
| /s/ Becky T. Harrell  |   | Vice President and Chief Financial      |   |           |
| Becky T. Harrell      |   | Officer (principal financial and        |   | March 31, 2011 |
|                  |   | accounting officer)                     |   |           |
|                  |   |                                    |   |           |
| /s/ Russell A. Adams  |   |                                    |   |           |
| Russell A. Adams      |   | Director                                |   | March 31, 2011 |
|                  |   |                                    |   |           |
| /s/ John P. Collins   |   |                                    |   |           |
| John P. Collins       |   | Director                                |   | March 31, 2011 |
|                  |   |                                    |   |           |
| /s/ A. David Evans    |   |                                    |   |           |
| A. David Evans        |   | Director                                |   | March 31, 2011 |
|                  |   |                                    |   |           |
| /s/ Michael S. Harper |   |                                    |   |           |
| Michael S. Harper     |   | Director                                |   | March 31, 2011 |
|                  |   |                                    |   |           |
| /s/ F. Dare Lott, Jr. |   |                                    |   |           |
| F. Dare Lott, Jr.     |   | Director                                |   | March 31, 2011 |
|                  |   |                                    |   |           |
| /s/ Michael W. Wise   |   |                                    |   |           |
| Michael W. Wise       |   | Director                                |   | March 31, 2011 |
|                  |   |                                    |   |           |
| /s/ R.E. Woodard, III |   |                                    |   |           |
| R.E. Woodard, III     |   | Director                                |   | March 31, 2011 |