FOR IMMEDIATE RELEASE
April 26, 2007

Contact:  Jesus R. Adia
          President and Chief Executive Officer
          (718) 677-4414

   Flatbush Federal Bancorp, Inc. Reports 2007 First Quarter Operating Results

Brooklyn,  NY - Flatbush  Federal  Bancorp,  Inc. (the  "Company") (OTC Bulletin
Board:  FLTB),  the  holding  company  of  Flatbush  Federal  Savings  and  Loan
Association (the "Association"),  announced consolidated net income of $383,000,
or $0.14 per share for the  quarter  ended  March 31,  2007 as  compared  to net
income of $43,000,  or $0.02 per share for the same quarter in 2006.  Net income
during the current quarter  included  proceeds of $500,000 from a life insurance
policy the Association owned on the life of former Flatbush Federal Bancorp Inc.
CEO and President, Anthony J. Monteverdi who recently passed away. Additionally,
net income included the one time expense accrual of $221,000 for the accelerated
vesting of stock options and restricted stock due to Mr. Monteverdi's passing.

The Company's assets increased $2.8 million, or 1.8%, to $157.2 million at March
31, 2007 from $154.4  million at December  31, 2006.  Cash and cash  equivalents
increased  $2.0 million,  or 50.0%,  to $6.0 million at March 31, 2007 from $4.0
million at December 31, 2006. Loans receivable  increased $431,000,  or 0.4%, to
$106.7 million as of March 31, 2007 from $106.2 million as of December 31, 2006.
Mortgage-backed  securities decreased $104,000,  or 0.4%, to $26.6 million as of
March 31, 2007 from $26.7 million as of December 31, 2006. Investment securities
remained at $7.0 million as of March 31, 2007 and as of December 31, 2006.

Total deposits  increased $1.3 million,  or 1.2%, to $106.9 million at March 31,
2007 from $105.6  million at December 31, 2006.  Advances from Federal Home Loan
Bank of NY increased $646,000,  or 2.1%, to $31.1 million at March 31, 2007 from
$30.5 million at December 31, 2006.

Total  stockholders'  equity increased $662,000 to $15.7 million as of March 31,
2007 from $15.0 million as of December 31, 2006.

Advances from the Federal Home Loan Bank of NY were invested in loans receivable
consisting of residential,  commercial,  construction and mixed-use  properties.
This  resulted in the  increase of $431,000 in loans  receivable.  Cash and cash
equivalents  increased  $2.0 million to $6.0 million at March 31, 2007 from $4.0
million at  December  31, 2006 due to an  increase  in savings  deposits  and in
stockholder's equity.

On June 30, 2005, the Company approved a stock repurchase program and authorized
the  repurchase of up to 50,000 shares of the  Company's  outstanding  shares of
common  stock.  Stock  repurchases  will be made  from  time to time  and may be
effected through open market purchases, block trades and in privately negotiated
transactions.  Repurchased stock is held as treasury stock and will be available
for general  corporate  purposes.  As of March 31, 2007, 38,590 shares have been
repurchased at a weighted  average price of $8.10 per share.  During the quarter
ended March 31, 2007, 2,250 shares were repurchased.


INCOME INFORMATION - Three month periods ended March 31, 2007 and 2006

Net income increased $340,000,  to $383,000 for the quarter ended March 31, 2007
from $43,000 for the quarter  ended March 31,  2006.  The increase in net income
for the quarter was primarily  due to increases of $222,000 in interest  income,
$481,000 in  non-interest  income,  and decreases of $78,000 in income taxes and
$8,000 in  provision  of loan loss,  offset in part by  increases of $156,000 in
interest  expense on deposits,  $155,000 in interest  expense on borrowings from
FHLB,  and  $138,000  in  non-interest  expense.  Non-interest  income  included
proceeds of $500,000 from a life insurance  policy the Association  owned on the
life of former  Flatbush  Federal  Bancorp  Inc. CEO and  President,  Anthony J.
Monteverdi.  Non-interest  expense included the one time accrual of $221,000 for
the accelerated  vesting of stock options and restricted  stock due to the death
of Mr. Monteverdi during the quarter ended March 31, 2007.

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Other  financial  information  is  included  in  the  table  that  follows.  All
information is unaudited.

This press release may contain certain "forward-looking statements" which may be
identified  by  the  use  of  such  words  as  "believe",   "expect",  "intend",
"anticipate",  "should",  "planned",  "estimated", and "potential".  Examples of
forward-looking  statements  include,  but are not  limited to,  estimates  with
respect to our financial condition,  results of operations and business that are
subject to various factors which could cause actual results to differ materially
from  these  estimates  and most other  statements  that are not  historical  in
nature.  These  factors  include,  but are not  limited  to,  general  and local
economic  condition,  changes  in  interest  rates,  deposit  flows,  demand for
mortgage  and other  loans,  real estate  values,  and  competition;  changes in
accounting  principles,  policies  or  guidelines;  changes  in  legislation  or
regulation;  and other  economic,  competitive,  governmental,  regulatory,  and
technological factors affecting our operations, pricing, products and services.



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SELECTED FINANCIAL CONDITION DATA

(in thousands)                                 March 31      December 31
                                                 2007            2006
                                              ----------     ----------
Total Assets                                  $  157,197     $  154,382
Loans Receivable                                 106,661        106,230
Investment Securities                              6,990          6,990
Mortgage-backed Securities                        26,623         26,727
Cash and Cash Equivalents                          5,982          4,007
Deposits                                         106,943        105,641
Other Borrowings                                  31,133         30,487
Stockholders Equity                               15,708         15,046


SELECTED OPERATING DATA

                                                 AT OR FOR THE THREE
                                                MONTHS ENDED MARCH 31
(in thousands)                                   2007            2006
                                              ----------     ----------

Total Interest Income                         $    2,294     $    2,072
Total Interest Expense on Deposits                   688            532
Total Interest Expense  on Other Borrowings          390            235
Net Interest Income                                1,217          1,305
Provision for Loan Loss                                2             10
Non-interest Income                                  573             92
Non-interest Expense                               1,459          1,321
Income Taxes                                         (55)            23
Net Income                                    $      383     $       43

PERFORMANCE RATIOS

Return on Average Assets                            0.98%          0.12%
Return on Average Equity                           10.02%          1.06%
Interest Rate Spread                                3.08%          3.58%

ASSET QUALITY RATIOS

Allowance for Loan Losses to
   Total Loans Receivable                           0.19%          0.20%
Non-performing Loans to Total Assets                0.05%          0.11%

CAPITAL RATIO
Equity toTotal Assets                              10.28%         10.24%