| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| Pennsylvania                      | 56-2637804             |
|-----------------------------------|------------------------|
| (State or other jurisdiction      | (I.R.S. Employer       |
| of incorporation or organization) | Identification Number) |

| 541 Lawrence Road      |       |
|------------------------|------------|
| Broomall, Pennsylvania | 19008      |
| (Address)              | (Zip Code) |

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

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|                                 |                                                                       |   | PAGE   |   |
|--------------------------------------|----------------------------------------------------------------------------|--------|--------|--------|
| Part I – Financial Information |                                                                       |   |   |
|                                 |                                                                       |   |   |
| Item 1.                              | Financial Statements                                                       |   |   |   |
|                                 |                                                                       |   |   |   |
|                                 | Unaudited Consolidated Statements of Financial                             |   |   |   |
|                                 | Condition as of March 31, 2011 and December 31, 2010                       |   |   | 3      |   |
|                                 |                                                                       |   |   |   |   |
|                                 | Unaudited Consolidated Statements of Income                                |   |   |   |   |
|                                 | For the Three Months Ended March 31, 2011 and 2010                         |   |   | 4      |   |
|                                 |                                                                       |   |   |   |   |
|                                 | Unaudited Consolidated Statements of Changes in Stockholders’ Equity |   |   |   |   |
|                                 | for the Three Months Ended March 31, 2011 and 2010                         |   |   | 5      |   |
|                                 |                                                                       |   |   |   |   |
|                                 | Unaudited Consolidated Statements of Cash Flows                            |   |   |   |   |
|                                 | For the Three Months Ended March 31, 2011 and 2010                         |   |   | 6      |   |
|                                 |                                                                       |   |   |   |   |
|                                 | Notes to Unaudited Consolidated Financial Statements                       |   |   | 7      |   |
|                                 |                                                                       |   |   |   |   |
| Item 2.                              | Management’s Discussion and Analysis of Financial Condition          |   |   |   |   |
|                                 | and Results of Operations                                                  |   |   | 32     |   |
|                                 |                                                                       |   |   |   |   |
| Item 3.                              | Quantitative and Qualitative Disclosures about Market Risk                 |   |   | 39     |   |
|                                 |                                                                       |   |   |   |   |
| Item 4T.                             | Controls and Procedures                                                    |   |   | 39     |   |
|                                 |                                                                       |   |   |   |   |
| Part II – Other Information    |                                                                       |   |   |   |
|                                 |                                                                       |   |   |   |   |
| Item 1.                              | Legal Proceedings                                                          |   |   | 40     |   |
|                                 |                                                                       |   |   |   |   |
| Item 1A.                             | Risk Factors                                                               |   |   | 40     |   |
|                                 |                                                                       |   |   |   |   |
| Item 2.                              | Unregistered Sales of Equity Securities and Use of Proceeds                |   |   | 40     |   |
|                                 |                                                                       |   |   |   |   |
| Item 3.                              | Defaults Upon Senior Securities                                            |   |   | 41     |   |
|                                 |                                                                       |   |   |   |   |
| Item 4.                              | [Removed and Reserved]                                                     |   |   | 41     |   |
|                                 |                                                                       |   |   |   |   |
| Item 5.                              | Other Information                                                          |   |   | 41     |   |
|                                 |                                                                       |   |   |   |   |
| Item 6.                              | Exhibits                                                                   |   |   | 41     |   |
|                                 |                                                                       |   |   |   |   |
|                                 | Signatures                                                                 |   |   | 42     |   |

----

|                                                                                                |   | March 31, |    |   | December 31, |   |
|-----------------------------------------------------------------------------------------------------|--------|-----------|---------|--------|--------------|--------|
|                                                                                                |   | 2011      |    |   | 2010         |   |
|                                                                                                |   |      |    |   |         |   |
| Assets                                                                                              |   |      |    |   |         |   |
| Cash and cash due from depository institutions                                                      |   | $         | 6,221   |   |         | $      | 10,444 |   |
| Interest bearing deposits with depository institutions                                              |   |      | 71,195  |   |         |   | 51,447 |   |
|      Total cash and cash equivalents                                       |   |      | 77,416  |   |         |   | 61,891 |   |
| Investment securities available for sale                                                            |   |      | 37,710  |   |         |   | 36,784 |   |
| Mortgage-backed securities available for sale                                                       |   |      | 14,629  |   |         |   | 16,146 |   |
| Investment securities held to maturity                                                              |   |      |    |   |         |   |   |   |
|    (fair value - 2011, $23,749; 2010, $24,519)                                       |   |      | 23,571  |   |         |   | 24,644 |   |
| Loans receivable - net of allowance for loan                                                        |   |      |    |   |         |   |   |   |
|     losses - 2011, $5,280; 2010, $5,090                                         |   |      | 287,246 |   |         |   | 286,056 |   |
| Accrued interest receivable                                                                         |   |      | 1,786   |   |         |   | 1,841 |   |
| Premises and equipment – net                                                                  |   |      | 4,657   |   |         |   | 2,547 |   |
| Other real estate owned (OREO)                                                                      |   |      | 3,035   |   |         |   | 2,675 |   |
| Federal Home Loan Bank (FHLB) stock-at cost                                                         |   |      | 2,201   |   |         |   | 2,317 |   |
| Bank owned life insurance                                                                           |   |      | 11,602  |   |         |   | 11,521 |   |
| Deferred tax asset – net                                                                      |   |      | 5,575   |   |         |   | 5,184 |   |
| Prepaid FDIC premium assessment                                                                     |   |      | 1,445   |   |         |   | 1,591 |   |
| Prepaid expenses and other assets                                                                   |   |      | 1,441   |   |         |   | 1,279 |   |
|                                                                                                |   |      |    |   |         |   |   |   |
| Total Assets                                                                                        |   | $         | 472,314 |   |         | $      | 454,476 |   |
|                                                                                                |   |      |    |   |         |   |   |   |
| Liabilities and Stockholders’ Equity                                                          |   |      |    |   |         |   |   |   |
|                                                                                                |   |      |    |   |         |   |   |   |
| Liabilities                                                                                         |   |      |    |   |         |   |   |   |
| Non-interest bearing deposits                                                                       |   | $         | 16,115  |   |         | $      | 12,196 |   |
| Interest bearing deposits                                                                           |   |      | 361,944 |   |         |   | 372,399 |   |
|        Total deposits                                            |   |      | 378,059 |   |         |   | 384,595 |   |
|                                                                                                |   |      |    |   |         |   |   |   |
| Other borrowings                                                                                    |   |      | 3,659   |   |         |   | 7,384 |   |
| Subscriptions payable                                                                               |   |      | — |   |         |   | 7,908 |   |
| Accrued expenses and other liabilities                                                              |   |      | 4,848   |   |         |   | 5,598 |   |
| Total Liabilities                                                                                   |   |      | 386,566 |   |         |   | 405,485 |   |
|                                                                                                |   |      |    |   |         |   |   |   |
| Stockholders’ Equity                                                                          |   |      |    |   |         |   |   |   |
| Common stock, $.01 par value; shares authorized –                                             |   |      |    |   |         |   |   |   |
|     March 31, 2011, 50,000,000; December 31, 2010, 15,000,000;                  |   |      |    |   |         |   |   |   |
|     shares issued March 31, 2011, 5,474,437; December 31, 2010 –          |   |      |    |   |         |   |   |   |
|     7,225,000; shares outstanding – March 31, 2011,  5,474,437; |   |      |    |   |         |   |   |   |
|     December 31, 2010, 6,676,476                                                |   |      | 55      |   |         |   | 72 |   |
| Additional paid-in capital                                                                          |   |      | 56,104  |   |         |   | 23,999 |   |
| Retained earnings - partially restricted                                                            |   |      | 31,112  |   |         |   | 30,601 |   |
| Unearned shares held by Employee Stock Ownership Plan  (ESOP)                             |   |      | (965    | )      |         |   | (482 | ) |
| Accumulated other comprehensive loss                                                                |   |      | (558    | )      |         |   | (457 | ) |
| Treasury stock, at cost: 2011, -0- shares; 2010, 548,524 shares                                     |   |      | — |   |         |   | (4,742 | ) |
| Total Stockholders’ Equity                                                                    |   |      | 85,748  |   |         |   | 48,991 |   |
|                                                                                                |   |      |    |   |         |   |   |   |
| Total Liabilities and Stockholders’ Equity                                                    |   | $         | 472,314 |   |         | $      | 454,476 |   |

----

|                                                                            |   | For the Three Months |      |
|---------------------------------------------------------------------------------|--------|----------------------|-----------|
|                                                                            |   | Ended March 31,      |      |
|                                                                            |   | 2011                 |      |   | 2010 |   |
| Interest and Dividend Income                                                    |   |                 |      |   |   |   |
|   Loans, including fees                                               |   | $                    | 4,140     |   |   | $ | 4,223 |   |
|   Mortgage-backed securities                                          |   |                 | 162       |   |   |   | 242 |   |
|   Investment securities:                                              |   |                 |      |   |   |   |   |   |
|         Taxable                         |   |                 | 161       |   |   |   | 269 |   |
|         Tax - exempt                    |   |                 | 263       |   |   |   | 269 |   |
|   Balances due from depository institutions                           |   |                 | 46        |   |   |   | 76 |   |
|        Total interest and dividend income    |   |                 | 4,772     |   |   |   | 5,079 |   |
|                                                                            |   |                 |      |   |   |   |   |   |
| Interest Expense                                                                |   |                 |      |   |   |   |   |   |
|   Deposits                                                            |   |                 | 1,141     |   |   |   | 1,556 |   |
|   FHLB advances and other borrowings                                  |   |                 | 5         |   |   |   | 448 |   |
|        Total interest expense                |   |                 | 1,146     |   |   |   | 2,004 |   |
|                                                                            |   |                 |      |   |   |   |   |   |
| Net Interest Income                                                             |   |                 | 3,626     |   |   |   | 3,075 |   |
| Provision for Loan Losses                                                       |   |                 |  225 |   |   |   |  520 |   |
| Net Interest Income After Provision for Loan Losses                             |   |                 | 3,401     |   |   |   | 2,555 |   |
|                                                                            |   |                 |      |   |   |   |   |   |
| Other Income                                                                    |   |                 |      |   |   |   |   |   |
|    Service charges on deposit accounts                           |   |                 | 63        |   |   |   | 75 |   |
|    Management fees                                               |   |                 | —   |   |   |   | 84 |   |
|    Other fee income                                              |   |                 | 44        |   |   |   | 41 |   |
|    Net loss on the sale of securities                            |   |                 | (42       | ) |   |   | — |   |
|    Net gain (loss) on sale of OREO                               |   |                 | 3         |   |   |   | (20 | ) |
|    Increase in cash surrender value of bank owned life insurance |   |                 | 81        |   |   |   | 86 |   |
|         Total other income              |   |                 | 149       |   |   |   | 266 |   |
|                                                                            |   |                 |      |   |   |   |   |   |
| Other Expenses                                                                  |   |                 |      |   |   |   |   |   |
|   Salaries and employee benefits                                      |   |                 | 1,498     |   |   |   | 1,539 |   |
|   Occupancy and equipment                                             |   |                 | 467       |   |   |   | 504 |   |
|   FDIC deposit insurance premiums                                     |   |                 | 150       |   |   |   | 167 |   |
|   Advertising and marketing                                           |   |                 | 55        |   |   |   | 38 |   |
|   Professional fees                                                   |   |                 | 128       |   |   |   | 97 |   |
|   Loan and OREO expense                                               |   |                 | 40        |   |   |   | 30 |   |
|   Directors’ fees                                               |   |                 | 66        |   |   |   | 69 |   |
|   Other noninterest expense                                           |   |                 | 292       |   |   |   | 266 |   |
|        Total other expenses                  |   |                 | 2,696     |   |   |   | 2,710 |   |
|                                                                            |   |                 |      |   |   |   |   |   |
| Income Before Income Tax Expense (Benefit)                                      |   |                 | 854       |   |   |   | 111 |   |
|                                                                            |   |                 |      |   |   |   |   |   |
| Income Tax Expense (Benefit)                                                    |   |                 | 179       |   |   |   | (75 | ) |
|                                                                            |   |                 |      |   |   |   |   |   |
| Net Income                                                                      |   | $                    | 675       |   |   | $ | 186 |   |
|                                                                            |   |                 |      |   |   |   |   |   |
| Basic Earnings per Share                                                        |   | $                    | 0.12      |   |   | $ | 0.03 | * |
|                                                                            |   |                 |      |   |   |   |   |   |

----

| * | Basic earnings per share for the prior period has been adjusted to reflect the impact of the second-step conversion and reorganization of the Company, which was completed  in January 2011. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                          |   | Common Stock |   |   | Additional Paid-in Capital |   |   | Treasury Stock |   |   | Retained Earnings |   |   | Unearned Shares Held by ESOP |   |   | Accumulated Other Comprehensive Loss |   |   | Total Stockholders’ Equity |   |   | Comprehensive Income |   |
|-------------------------------------------------------------------------------|--------|--------------|--------|--------|----------------------------|--------|--------|----------------|--------|--------|-------------------|--------|--------|------------------------------|--------|--------|--------------------------------------|--------|--------|----------------------------------|--------|--------|----------------------|--------|
|                                                                          |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         |   |   |                                 |   |   |                             |   |   |                 |   |
| Balance, January 1, 2010                                                      |   | $            | 72     |   |                       | $      | 24,015 |           |   | $      | (4,305            | )      |   | $                            | 29,848 |   |                                 | $      | (602   | )                                |   | $      | (583                 | )      |   | $ | 48,445 |   |   |   |   |
| ESOP shares committed to be released                                          |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         |   |   |                                 |   | 19     |                             |   |   |                 |   |   |   | 19 |   |   |   |   |
| Net income                                                                    |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         | 186    |   |                                 |   |   |                             |   |   |                 |   |   |   | 186 |   |   | $ | 186 |   |
| Dividends declared ($0.03 per share)                                          |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         | (83    | )      |                                 |   |   |                             |   |   |                 |   |   |   | (83 | ) |   |   |   |   |
| Acquisition of Treasury Stock (30,000 shares)                                 |   |         |   |   |                       |   |   |           |   |   | (250              | )      |   |                         |   |   |                                 |   |   |                             |   |   |                 |   |   |   | (250 | ) |   |   |   |   |
| Other comprehensive income – net of tax   expense of $96 |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         |   |   |                                 |   |   |                             |   |   | 186                  |   |   |   | 186 |   |   |   | 186 |   |
|                                                                          |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         |   |   |                                 |   |   |                             |   |   |                 |   |   |   |   |   |   |   |   |   |
| Balance, March 31, 2010                                                       |   | $            | 72     |   |                       | $      | 24,015 |           |   | $      | (4,555            | )      |   | $                            | 29,951 |   |                                 | $      | (583   | )                                |   | $      | (397                 | )      |   | $ | 48,503 |   |   | $ | 372 |   |
|                                                                          |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         |   |   |                                 |   |   |                             |   |   |                 |   |   |   |   |   |   |   |   |   |
| Balance, January 1, 2011                                                      |   | $            | 72     |   |                       | $      | 23,999 |           |   | $      | (4,742            | )      |   | $                            | 30,601 |   |                                 | $      | (482   | )                                |   | $      | (457                 | )      |   | $ | 48,991 |   |   |   |   |   |
| ESOP shares committed to be released                                          |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         |   |   |                                 |   | 38     |                             |   |   |                 |   |   |   | 38 |   |   |   |   |   |
| Common stock acquired by ESOP                                                 |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         |   |   |                                 |   | (521   | )                                |   |   |                 |   |   |   | (521 | ) |   |   |   |   |
| Net income                                                                    |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         | 675    |   |                                 |   |   |                             |   |   |                 |   |   |   | 675 |   |   | $ | 675 |   |
| Dividends declared ($0.03 per share)                                          |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         | (164   | )      |                                 |   |   |                             |   |   |                 |   |   |   | (164 | ) |   |   |   |   |
| Dissolution of mutual holding company                                         |   |         |   |   |                       |   | 6,848  |           |   |   |              |   |   |                         |   |   |                                 |   |   |                             |   |   |                 |   |   |   | 6,848 |   |   |   |   |   |
| Proceeds from issuance of common stock, net of offering costs of $2,603       |   |         | 55     |   |                       |   | 29,927 |           |   |   |              |   |   |                         |   |   |                                 |   |   |                             |   |   |                 |   |   |   | 29,982 |   |   |   |   |   |
| Cancellation of common stock and treasury  stock                    |   |         | (72    | )      |                       |   | (4,670 | )              |   |   | 4,742             |   |   |                         |   |   |                                 |   |   |                             |   |   |                 |   |   |   |   |   |   |   |   |   |
| Other comprehensive loss – net of tax   benefit of $52   |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         |   |   |                                 |   |   |                             |   |   | (101                 | )      |   |   | (101 | ) |   |   | (101 | ) |
|                                                                          |   |         |   |   |                       |   |   |           |   |   |              |   |   |                         |   |   |                                 |   |   |                             |   |   |                 |   |   |   |   |   |   |   |   |   |
| Balance, March 31, 2011                                                       |   | $            | 55     |   |                       | $      | 56,104 |           |   | $      | —           |   |   | $                            | 31,112 |   |                                 | $      | (965   | )                                |   | $      | (558                 | )      |   | $ | 85,748 |   |   | $ | 574 |   |

----

|                                                                                                      |   | For the Three Months |    |
|-----------------------------------------------------------------------------------------------------------|--------|----------------------|---------|
|                                                                                                      |   | Ended March 31,      |    |
|                                                                                                      |   | 2011                 |    |   | 2010 |   |
| Cash Flow From Operating Activities                                                                       |   |                 |    |   |   |   |
| Net income                                                                                                |   | $                    | 675     |   |   | $ | 186 |   |
| Adjustments to reconcile net income to cash                                                               |   |                 |    |   |   |   |   |   |
|   provided by operating activities:                                                             |   |                 |    |   |   |   |   |   |
|     Provision for:                                                                    |   |                 |    |   |   |   |   |   |
|         Loan losses                                               |   |                 | 225     |   |   |   | 520 |   |
|         Depreciation and amortization                             |   |                 | 133     |   |   |   | 170 |   |
| Loss on sale of securities                                                                                |   |                 | 42      |   |   |   | — |   |
| ESOP shares committed to be released                                                                      |   |                 | 38      |   |   |   | 19 |   |
| Deferred tax (benefit) expense                                                                            |   |                 | (339    | ) |   |   | (149 | ) |
| (Gain) loss on the sale of OREO                                                                           |   |                 | (3      | ) |   |   | 20 |   |
| Changes in assets and liabilities which provided (used) cash:                                             |   |                 |    |   |   |   |   |   |
|      Accrued expenses and other liabilities                                      |   |                 | (8,658  | ) |   |   | 83 |   |
|      Prepaid expenses and other assets                                           |   |                 | 660     |   |   |   | 88 |   |
|      Increase in cash surrender value of bank owned life insurance               |   |                 | (81     | ) |   |   | (86 | ) |
|      Accrued interest receivable                                                 |   |                 | 55      |   |   |   | (77 | ) |
|          Net cash (used in) provided by operating activities |   |                 | (7,253  | ) |   |   | 774 |   |
|                                                                                                      |   |                 |    |   |   |   |   |   |
| Cash Flow From Investing Activities                                                                       |   |                 |    |   |   |   |   |   |
| Purchase of investment securities-available for sale                                                      |   |                 | (10,000 | ) |   |   | (4,000 | ) |
| Purchase of investment securities-held to maturity                                                        |   |                 | (1,015  | ) |   |   | — |   |
| Loans originated and acquired                                                                             |   |                 | (11,265 | ) |   |   | (10,633 | ) |
| Proceeds from maturities and calls of investment securities                                               |   |                 | 11,083  |   |   |   | 8,004 |   |
| Proceeds from the sale of securities available for sale                                                   |   |                 | 268     |   |   |   | — |   |
| Redemption of FHLB stock                                                                                  |   |                 | 116     |   |   |   | — |   |
| Principal repayments of:                                                                                  |   |                 |    |   |   |   |   |   |
|      Loans                                                                       |   |                 | 9,303   |   |   |   | 8,587 |   |
|      Mortgage-backed securities                                                  |   |                 | 1,444   |   |   |   | 1,728 |   |
| Purchase of premises and equipment                                                                        |   |                 | (186    | ) |   |   | (228 | ) |
| Investment in OREO                                                                                        |   |                 | — |   |   |   | (70 | ) |
| Proceeds from the sale of OREO                                                                            |   |                 | 190     |   |   |   | 382 |   |
|          Net cash provided by (used in) investing activities |   |                 | (62     | ) |   |   | 3,770 |   |
|                                                                                                      |   |                 |    |   |   |   |   |   |
| Cash Flow From Financing Activities                                                                       |   |                 |    |   |   |   |   |   |
| Dividends paid                                                                                            |   |                 | (164    | ) |   |   | (83 | ) |
| Increase (decrease) in deposits                                                                           |   |                 | (6,536  | ) |   |   | 13,555 |   |
| Purchase of treasury stock                                                                                |   |                 | — |   |   |   | (250 | ) |
| Cash from mutual holding company reorganization                                                           |   |                 | 3,805   |   |   |   | — |   |
| Proceeds from stock issuance, net                                                                         |   |                 | 29,982  |   |   |   | — |   |
| Stock acquired by ESOP                                                                                    |   |                 | (522    | ) |   |   | — |   |
| Repayments of FHLB advances                                                                               |   |                 | — |   |   |   | (6,000 | ) |
| Decrease in other borrowings                                                                              |   |                 | (3,725  | ) |   |   | (10 | ) |
|           Net cash provided by financing activities     |   |                 | 22,840  |   |   |   | 7,212 |   |
|                                                                                                      |   |                 |    |   |   |   |   |   |
| Increase in Cash and Cash Equivalents                                                                     |   |                 | 15,525  |   |   |   | 11,756 |   |
| Cash and Cash Equivalents, Beginning of Year                                                              |   |                 | 61,891  |   |   |   | 74,936 |   |
| Cash and Cash Equivalents, End of Year                                                                    |   | $                    | 77,416  |   |   | $ | 86,692 |   |
|                                                                                                      |   |                 |    |   |   |   |   |   |
| Supplemental Disclosures of Cash Flow Information-                                                        |   |                 |    |   |   |   |   |   |
| Cash paid during the period for:                                                                          |   |                 |    |   |   |   |   |   |
|      Interest                                                                    |   | $                    | 1,146   |   |   | $ | 2,034 |   |
|      Income taxes                                                                |   | $                    | 470     |   |   | $ | 100 |   |
|                                                                                                      |   |                 |    |   |   |   |   |   |
| Supplemental Schedule of Noncash Financing and Investing Activities:                                      |   |                 |    |   |   |   |   |   |
|      Other real estate acquired in settlement of loans                           |   | $                    | 546     |   |   | $ | 108 |   |
|      Premises and equipment acquired from mutual holding company reorganization  |   | $                    | 2,057   |   |   | $ | — |   |
|      Investments acquired from mutual holding company reorganization             |   | $                    | 310     |   |   | $ | — |   |
|      Prepaid expenses and other assets acquired from mutual holding company      |   |                 |    |   |   |   |   |   |
|        reorganization                                                       |   | $                    | 676     |   |   | $ | — |   |

----

----

----

|                                              |   | For the Three Months Ended March 31, |      |
|---------------------------------------------------|--------|--------------------------------------|-----------|
|                                              |   | 2011                                 |      |   | 2010 |   |
| Net Income                                        |   | $                                    | 675,000   |   |   | $ | 186,000 |   |
|                                              |   |                                 |      |   |   |   |   |   |
| Weighted average shares outstanding               |   |                                 | 5,712,203 |   |   |   | 6,712,898 |   |
| Exchange rate from offering                       |   |                                 | —   |   |   |   | 0.82000 |   |
| Adjusted weighted average shares outstanding      |   |                                 | 5,712,203 |   |   |   | 5,504,577 |   |
| Adjusted average unearned ESOP shares             |   |                                 | (87,249   | ) |   |   | (48,624 | ) |
| Weighted average shares outstanding – basic |   |                                 | 5,624,954 |   |   |   | 5,448,280 |   |
|                                              |   |                                 |      |   |   |   |   |   |
| Basic earnings per share                          |   | $                                    | 0.12      |   |   | $ | 0.03 |   |

----

|                               |   | For the Three Months Ended March 31, |    |
|------------------------------------|--------|--------------------------------------|---------|
|                               |   | 2011                                 |    |   | 2010 |   |
| Net Periodic Benefit Cost          |   |                                 |    |   |   |   |
| Service Cost                       |   | $                                    | 68,026  |   |   | $ | 74,410 |   |
| Interest Cost                      |   |                                 | 68,807  |   |   |   | 66,184 |   |
| Expected Return on Plan Assets     |   |                                 | (93,623 | ) |   |   | (79,269 | ) |
| Amortization of Prior Service Cost |   |                                 | 3,171   |   |   |   | 3,171 |   |
| Amortization of Loss               |   |                                 | 12,449  |   |   |   | 25,504 |   |
| Net Periodic Benefit Cost          |   | $                                    | 58,830  |   |   | $ | 90,000 |   |

----

|                               |   | For the Three Months Ended March 31, |   |
|------------------------------------|--------|--------------------------------------|--------|
|                               |   | 2011                                 |   |   | 2010 |   |
| Net Periodic Benefit Cost          |   |                                 |   |   |   |   |
| Service Cost                       |   | $                                    | 9,865  |   |   | $ | 9,865 |   |
| Interest Cost                      |   |                                 | 58,852 |   |   |   | 59,123 |   |
| Amortization of Prior Service Cost |   |                                 | ---    |   |   |   | --- |   |
| Amortization of (gain) loss        |   |                                 | (5,717 | ) |   |   |  6,012 |   |
| Net Periodic Benefit Cost          |   | $                                    | 63,000 |   |   | $ | 75,000 |   |

| Level 1: | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------|

| Level 2: | Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Level 3: | Prices or valuation techniques that require inputs that are both significant to fair value measurement and unobservable (i.e. support with little or no market value activity). |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Description                                            |   | Total  |   |   | (Level 1)Prices in Active Markets for Identical Assets |   |   | (Level 2)SignificantOtherObservableInputs |   |   | (Level 3)SignificantUnobservableInputs |   |
|--------------------------------------------------------|--------|--------|--------|--------|--------------------------------------------------------|--------|--------|-------------------------------------------|--------|--------|----------------------------------------|--------|
| Investment Security Obligations of FHLB                |   | $      | 12,984 |   |                                                   | $      | ---    |                                      |   | $      | 12,984                                 |   |   | $ | --- |   |
| Investment Security Obligations of Freddie Mac         |   |   | 8,895  |   |                                                   |   | ---    |                                      |   |   | 8,895                                  |   |   |   | --- |   |
| Investment Security Obligations of Fannie Mae          |   |   | 13,837 |   |                                                   |   | ---    |                                      |   |   | 13,837                                 |   |   |   | --- |   |
| Investment Security Obligations of Federal Farm Credit |   |   | 1,994  |   |                                                   |   | ---    |                                      |   |   | 1,994                                  |   |   |   | --- |   |
| Mortgage Backed Obligations of GNMA                    |   |   | 1,722  |   |                                                   |   | ---    |                                      |   |   | 1,722                                  |   |   |   | --- |   |
| Mortgage Backed Obligations of FHLMC                   |   |   | 5,165  |   |                                                   |   | ---    |                                      |   |   | 5,165                                  |   |   |   | --- |   |
| Mortgage Backed Obligations of FNMA                    |   |   | 7,742  |   |                                                   |   | ---    |                                      |   |   | 7,742                                  |   |   |   | --- |   |
| Total                                                  |   | $      | 52,339 |   |                                                   | $      | ---    |                                      |   | $      | 52,339                                 |   |   | $ | --- |   |

| Description                                            |   | Total  |   |   | (Level 1)Prices in Active Markets for Identical Assets |   |   | (Level 2)SignificantOtherObservableInputs |   |   | (Level 3)SignificantUnobservableInputs |   |
|--------------------------------------------------------|--------|--------|--------|--------|--------------------------------------------------------|--------|--------|-------------------------------------------|--------|--------|----------------------------------------|--------|
| Investment Security Obligations of FHLB                |   | $      | 12,000 |   |                                                   | $      | ---    |                                      |   | $      | 12,000                                 |   |   | $ | --- |   |
| Investment Security Obligations of Freddie Mac         |   |   | 10,917 |   |                                                   |   | ---    |                                      |   |   | 10,917                                 |   |   |   | --- |   |
| Investment Security Obligations of Fannie Mae          |   |   | 11,871 |   |                                                   |   | ---    |                                      |   |   | 11,871                                 |   |   |   | --- |   |
| Investment Security Obligations of Federal Farm Credit |   |   | 1,996  |   |                                                   |   | ---    |                                      |   |   | 1,996                                  |   |   |   | --- |   |
| Mortgage Backed Obligations of GNMA                    |   |   | 1,748  |   |                                                   |   | ---    |                                      |   |   | 1,748                                  |   |   |   | --- |   |
| Mortgage Backed Obligations of FHLMC                   |   |   | 5,813  |   |                                                   |   | ---    |                                      |   |   | 5,813                                  |   |   |   | --- |   |
| Mortgage Backed Obligations of FNMA                    |   |   | 8,585  |   |                                                   |   | ---    |                                      |   |   | 8,585                                  |   |   |   | --- |   |
| Total                                                  |   | $      | 52,930 |   |                                                   | $      | ---    |                                      |   | $      | 52,930                                 |   |   | $ | --- |   |

----

| Description       |   | Total  |   |   | (Level 1)Quoted Prices in Active Markets for Identical Assets |   |   | (Level 2) Significant Other Observable Inputs |   |   | (Level 3)SignificantUnobservable Inputs |   |
|-------------------|--------|--------|--------|--------|---------------------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------------------------------------|--------|
| Impaired loans    |   | $      | 9,682  |   |                                                          | $      | ---    |                                          |   | $      | ---                                     |   |   | $ | 9,682 |   |
| Other real estate |   |   | 590    |   |                                                          |   | ---    |                                          |   |   | ---                                     |   |   |   | 590 |   |
| Total             |   | $      | 10,272 |   |                                                          | $      | ---    |                                          |   | $      | ---                                     |   |   | $ | 10,272 |   |

| Description             |   | Total  |   |   | (Level 1) Quoted Prices in Active Markets for Identical Assets |   |   | (Level 2) Significant Other Observable Inputs |   |   | (Level 3)SignificantUnobservable Inputs |   |
|-------------------------|--------|--------|--------|--------|---------------------------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-----------------------------------------|--------|
| Impaired loans          |   | $      | 9,850  |   |                                                                | $      | ---    |                                          |   | $      | ---                                     |   |   | $ | 9,850 |   |
| Other real estate owned |   |   | 590    |   |                                                                |   | ---    |                                          |   |   | ---                                     |   |   |   | 590 |   |
| Total                   |   | $      | 10,440 |   |                                                                | $      | ---    |                                          |   | $      | ---                                     |   |   | $ | 10,440 |   |

|                               |   | At March 31, 2011 |    |   | At December 31, 2010 |   |
|------------------------------------|--------|-------------------|---------|--------|----------------------|--------|
|                               |   | CarryingAmount    |    |   | EstimatedFair Value  |   |   | CarryingAmount |   |   | EstimatedFair Value |   |
|                               |   | (In thousands)    |    |
| Assets                             |   |              |    |
| Cash and due from banks            |   | $                 | 6,221   |   |                 | $      | 6,221 |   |   | $ | 10,444 |   |   | $ | 10,444 |   |
| Interest bearing deposits at banks |   |              | 71,195  |   |                 |   | 71,195 |   |   |   | 51,447 |   |   |   | 51,447 |   |
| Investment securities              |   |              | 61,281  |   |                 |   | 61,459 |   |   |   | 61,428 |   |   |   | 61,303 |   |
| Mortgage-backed securities         |   |              | 14,629  |   |                 |   | 14,629 |   |   |   | 16,146 |   |   |   | 16,146 |   |
| Loans receivable                   |   |              | 287,246 |   |                 |   | 286,511 |   |   |   | 286,056 |   |   |   | 285,702 |   |
| FHLB stock                         |   |              | 2,201   |   |                 |   | 2,201 |   |   |   | 2,317 |   |   |   | 2,317 |   |
| Accrued interest receivable        |   |              | 1,786   |   |                 |   | 1,786 |   |   |   | 1,841 |   |   |   | 1,841 |   |
|                               |   |              |    |   |                 |   |   |   |   |   |   |   |   |   |   |   |
|                               |   |              |    |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                       |   |              |    |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| NOW and MMDA deposits (1)          |   | $                 | 93,565  |   |                 | $      | 93,565 |   |   | $ | 87,064 |   |   | $ | 87,064 |   |
| Other savings deposits             |   |              | 44,372  |   |                 |   | 44,372 |   |   |   | 42,847 |   |   |   | 42,847 |   |
| Certificate accounts               |   |              | 240,122 |   |                 |   | 240,933 |   |   |   | 254,684 |   |   |   | 255,978 |   |
| Other borrowed money               |   |              | 3,659   |   |                 |   | 3,659 |   |   |   | 7,384 |   |   |   | 7,384 |   |
| Accrued interest payable           |   |              | 20      |   |                 |   | 20 |   |   |   | 20 |   |   |   | 20 |   |
| Off balance sheet instruments      |   |              | — |   |                 |   | — |   |   |   | — |   |   |   | — |   |

----

----

| ·   | Securities Held to Maturity - Securities held to maturity are stated at cost, adjusted for unamortized purchase premiums and discounts, based on the positive intent and the ability to hold these securities to maturity considering all reasonably foreseeable conditions and events. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Securities Available for Sale - Securities available for sale, carried at fair value, are those securities management might sell in response to changes in market interest rates, increases in loan demand, changes in liquidity needs and other conditions.  Unrealized gains and losses, net of tax, are reported as a net amount in other comprehensive income (loss) until realized. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                     |   |  At March 31, 2011 |    |
|------------------------------------------|--------|-------------------------|---------|
|                                     |   | Less than 12 Months     |    |   | 12 Months or Longer |   |   | Total |   |
|                                     |   | Fair Value              |    |   | Gross Unrealized Losses |   |   | Fair Value |   |   | Gross Unrealized Losses |   |   | Fair Value |   |   | GrossUnrealized Losses |   |
|                                     |   | (Dollars in Thousands)  |    |
| Securities Available for Sale            |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Government obligations              |   | $                       | 24,642  |   |   | $ | 358 |   |   | $ | — |   |   | $ | — |   |   | $ | 24,642 |   |   | $ | 358 |   |
| Mortgage-backed securities               |   |                    | — |   |   |   | — |   |   |   | 100 |   |   |   | 23 |   |   |   |  100 |   |   |   | 23 |   |
| Total securities available for sale |   | $                       | 24,642  |   |   | $ | 358 |   |   | $ |  100 |   |   | $ |  23 |   |   | $ | 24,742 |   |   | $ |  381 |   |
|                                     |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Securities Held to Maturity              |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Municipal obligations                    |   | $                       | 4,476   |   |   | $ | 128 |   |   | $ | 426 |   |   | $ |  2 |   |   | $ | 4,902 |   |   | $ | 130 |   |

|                                     |   |  At December 31, 2010 |    |
|------------------------------------------|--------|----------------------------|---------|
|                                     |   | Less than 12 Months        |    |   | 12 Months or Longer |   |   | Total |   |
|                                     |   | Fair Value                 |    |   | Gross Unrealized Losses |   |   | Fair Value |   |   | Gross Unrealized Losses |   |   | Fair Value |   |   | GrossUnrealized Losses |   |
|                                     |   | (Dollars in Thousands)     |    |
| Securities Available for Sale            |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Government obligations              |   | $                          | 20,669  |   |   | $ | 300 |   |   | $ | — |   |   | $ | —--- |   |   | $ | 20,669 |   |   | $ | 300 |   |
| Mortgage-backed securities               |   |                       | — |   |   |   | — |   |   |   | 133 |   |   |   | 16 |   |   |   | 133 |   |   |   | 16 |   |
|                                     |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total securities available for sale |   | $                          | 20,669  |   |   | $ | 300 |   |   | $ | 133 |   |   | $ |  16 |   |   | $ | 20,802 |   |   | $ | 316 |   |
|                                     |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Securities Held to Maturity              |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Municipal obligations                    |   | $                          | 9,434   |   |   | $ | 367 |   |   | $ | 422 |   |   | $ |  6 |   |   | $ | 9,856 |   |   | $ | 373 |   |

----

|                                       |   | March 31, 2011 |   |
|--------------------------------------------|--------|----------------|--------|
|                                       |   | Amortized      |   |   | Gross Unrealized |   |   | Fair |   |
| Available for Sale:                        |   | Cost           |   |   | Gains |   |   | Losses |   |   | Value |   |
| Obligations of the Federal Home Loan Bank: |   |           |   |   |   |   |   |   |   |   |   |   |
| Due after 1 year through 5 years           |   | $              | 9,000  |   |   | $ | 3 |   |   | $ | (51 | ) |   | $ | 8,952 |   |
| Due after 5 years through 10 years         |   |           | 3,998  |   |   |   | 62 |   |   |   | (28 | ) |   |   | 4,032 |   |
|                                       |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                      |   | $              | 12,998 |   |   | $ | 65 |   |   | $ | (79 | ) |   | $ | 12,984 |   |

|                             |   |  March 31, 2011 |   |
|----------------------------------|--------|----------------------|--------|
|                             |   | Amortized            |   |   | Gross Unrealized |   |   | Fair |   |
|                             |   | Cost                 |   |   | Gains |   |   | Losses |   |   | Value |   |
|                             |   |                 |   |   |   |   |   |   |   |   |   |   |
| Obligations of Freddie Mac:      |   |                 |   |   |   |   |   |   |   |   |   |   |
| Due after 1 year through 5 years |   | $                    | 4,000  |   |   | $ | 2 |   |   | $ | (2 | ) |   | $ | 4,000 |   |
| Due after 10 years               |   |                 | 5,000  |   |   |   | — |   |   |   | (105 | ) |   |   | 4,895 |   |
|                             |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                            |   | $                    | 9,000  |   |   | $ | 2 |   |   | $ | (107 | ) |   | $ | 8,895 |   |

----

|                             |   | March 31, 2011 |   |
|----------------------------------|--------|----------------|--------|
|                             |   | Amortized      |   |   | Gross Unrealized |   |   | Fair |   |
|                             |   | Cost           |   |   | Gains |   |   | Losses |   |   | Value |   |
|                             |   |           |   |   |   |   |   |   |   |   |   |   |
| Obligations of Fannie Mae:       |   |           |   |   |   |   |   |   |   |   |   |   |
| Due after 1 year through 5 years |   | $              | 7,999  |   |   | $ | 4 |   |   | $ | (26 | ) |   | $ | 7,977 |   |
| Due after 10 years               |   |           | 6,000  |   |   |   | — |   |   |   | (140 | ) |   |   | 5,860 |   |
|                             |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                            |   | $              | 13,999 |   |   | $ | 4 |   |   | $ | (166 | ) |   | $ | 13,837 |   |

|                                |   | March 31, 2011 |   |
|-------------------------------------|--------|----------------|--------|
|                                |   | Amortized      |   |   | Gross Unrealized |   |   | Fair |   |
|                                |   | Cost           |   |   | Gains |   |   | Losses |   |   | Value |   |
|                                |   |           |   |   |   |   |   |   |   |   |   |   |
| Obligations of Federal Farm Credit: |   |           |   |   |   |   |   |   |   |   |   |   |
| Due after 1 years through 5 years   |   | $              | 2,000  |   |   | $ | — |   |   | $ | (6 | ) |   | $ | 1,994 |   |
| Total                               |   | $              | 2,000  |   |   | $ | — |   |   | $ | (6 | ) |   | $ | 1,994 |   |

|                               |   | March 31, 2011 |   |
|------------------------------------|--------|----------------|--------|
|                               |   | Amortized      |   |   | Gross Unrealized |   |   | Fair |   |
| Held to Maturity                   |   | Cost           |   |   | Gains |   |   | Losses |   |   | Value |   |
| Municipal Obligations:             |   |           |   |   |   |   |   |   |   |   |   |   |
| Due after 1 years through 5 years  |   | $              | 1,000  |   |   | $ | 60 |   |   | $ | — |   |   | $ | 1,060 |   |
| Due after 5 years through 10 years |   |           | 3,841  |   |   |   | 71 |   |   |   | — |   |   |   | 3,912 |   |
| Due after 10 years                 |   |           | 18,730 |   |   |   | 177 |   |   |   | (130 | ) |   |   | 18,777 |   |
|                               |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                              |   | $              | 23,571 |   |   | $ | 308 |   |   | $ | (130 | ) |   | $ | 23,749 |   |

|                                       |   | December 31, 2010 |   |
|--------------------------------------------|--------|-------------------|--------|
|                                       |   | Amortized         |   |   | Gross Unrealized |   |   | Fair |   |
| Available for Sale:                        |   | Cost              |   |   | Gains |   |   | Losses |   |   | Value |   |
|                                       |   |              |   |   |   |   |   |   |   |   |   |   |
| Obligations of the Federal Home Loan Bank: |   |              |   |   |   |   |   |   |   |   |   |   |
| Due after 1 year through 5 years           |   | $                 | 10,000 |   |   | $ | 1 |   |   | $ | (53 | ) |   | $ | 9,948 |   |
| Due after 5 years through 10 years         |   |              | 1,996  |   |   |   | 71 |   |   |   | (15 | ) |   |   | 2,052 |   |
|                                       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                      |   | $                 | 11,996 |   |   | $ | 72 |   |   | $ | (68 | ) |   | $ | 12,000 |   |

|                               |   | December 31, 2010 |   |
|------------------------------------|--------|-------------------|--------|
|                               |   | Amortized         |   |   | Gross Unrealized |   |   | Fair |   |
|                               |   | Cost              |   |   | Gains |   |   | Losses |   |   | Value |   |
|                               |   |              |   |   |   |   |   |   |   |   |   |   |
| Obligations of Freddie Mac:        |   |              |   |   |   |   |   |   |   |   |   |   |
| Due after 1 year through 5 years   |   | $                 | 3,000  |   |   | $ | 2 |   |   | $ | (2 | ) |   | $ | 3,000 |   |
| Due after 5 years through 10 years |   |              | 2,995  |   |   |   | 17 |   |   |   | — |   |   |   | 3,012 |   |
| Due after 10 years                 |   |              | 5,000  |   |   |   | — |   |   |   | (95 | ) |   |   | 4,905 |   |
|                               |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                              |   | $                 | 10,995 |   |   | $ | 19 |   |   | $ | (97 | ) |   | $ | 10,917 |   |

----

|                               |   | December 31, 2010 |   |
|------------------------------------|--------|-------------------|--------|
|                               |   | Amortized         |   |   | Gross Unrealized |   |   | Fair |   |
|                               |   | Cost              |   |   | Gains |   |   | Losses |   |   | Value |   |
|                               |   |              |   |   |   |   |   |   |   |   |   |   |
| Obligations of Fannie Mae:         |   |              |   |   |   |   |   |   |   |   |   |   |
| Due after 1 year through 5 years   |   | $                 | 6,000  |   |   | $ | 2 |   |   | $ | (23 | ) |   | $ | 5,979 |   |
| Due after 5 years through 10 years |   |              | 6,000  |   |   |   | — |   |   |   | (108 | ) |   |   | 5,892 |   |
|                               |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                              |   | $                 | 12,000 |   |   | $ | 2 |   |   | $ | (131 | ) |   | $ | 11,871 |   |

|                                |   | December 31, 2010 |   |
|-------------------------------------|--------|-------------------|--------|
|                                |   | Amortized         |   |   | Gross Unrealized |   |   | Fair |   |
|                                |   | Cost              |   |   | Gains |   |   | Losses |   |   | Value |   |
|                                |   |              |   |   |   |   |   |   |   |   |   |   |
| Obligations of Federal Farm Credit: |   |              |   |   |   |   |   |   |   |   |   |   |
| Due after 1 years through 5 years   |   | $                 | 2,000  |   |   | $ | — |   |   | $ | (4 | ) |   | $ | 1,996 |   |
| Total                               |   | $                 | 2,000  |   |   | $ | — |   |   | $ | (4 | ) |   | $ | 1,996 |   |

|                               |   | December 31, 2010 |   |
|------------------------------------|--------|-------------------|--------|
|                               |   | Amortized         |   |   | Gross Unrealized |   |   | Fair |   |
| Held to Maturity                   |   | Cost              |   |   | Gains |   |   | Losses |   |   | Value |   |
| Municipal Obligations:             |   |              |   |   |   |   |   |   |   |   |   |   |
| Due after 5 years through 10 years |   | $                 | 5,155  |   |   | $ | 146 |   |   | — |   |   | $ | 5,301 |   |
| Due after 10 years                 |   |              | 19,489 |   |   |   | 102 |   |   | $ | (373 | ) |   |   | 19,218 |   |
|                               |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                              |   | $                 | 24,644 |   |   | $ | 248 |   |   | $ | (373 | ) |   | $ | 24,519 |   |

----

|                            |   | March 31, 2011 |   |
|---------------------------------|--------|----------------|--------|
|                            |   | Amortized      |   |   | Gross Unrealized |   |   | Fair |   |
|                            |   | Cost           |   |   | Gains |   |   | Losses |   |   | Value |   |
| GNMA pass-through certificates  |   | $              | 1,626  |   |   | $ | 96 |   |   | $ | — |   |   | $ | 1,722 |   |
| FHLMC pass-through certificates |   |           | 4,844  |   |   |   | 321 |   |   |   | — |   |   |   | 5,165 |   |
| FNMA pass-through certificates  |   |           | 7,417  |   |   |   | 348 |   |   |   | (23 | ) |   |   | 7,742 |   |
|                            |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                           |   | $              | 13,887 |   |   | $ | 765 |   |   | $ | (23 | ) |   | $ | 14,629 |   |

|                            |   | December 31, 2010 |   |
|---------------------------------|--------|-------------------|--------|
|                            |   | Amortized         |   |   | Gross Unrealized |   |   | Fair |   |
|                            |   | Cost              |   |   | Gains |   |   | Losses |   |   | Value |   |
| GNMA pass-through certificates  |   | $                 | 1 ,667 |   |   | $ | 81 |   |   | — |   |   | $ | 1, 748 |   |
| FHLMC pass-through certificates |   |              | 5,464  |   |   |   | 349 |   |   | — |   |   |   | 5,813 |   |
| FNMA pass-through certificates  |   |              | 8,200  |   |   |   | 401 |   |   | $ | (16 | ) |   |   | 8,585 |   |
|                            |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                           |   | $                 | 15,331 |   |   | $ | 831 |   |   | $ | (16 | ) |   | $ | 16,146 |   |

|                                  |   | At March 31, |    |   | At December 31, |   |
|---------------------------------------|--------|--------------|---------|--------|-----------------|--------|
|                                  |   | 2011         |    |   | 2010            |   |
| Real estate loans:                    |   |         |    |   |            |   |
|    Single-family       |   | $            | 119,115 |   |            | $      | 114,984 |   |
|    Multi-family        |   |         | 7,340   |   |            |   | 6,293 |   |
|    Commercial          |   |         | 129,757 |   |            |   | 131,510 |   |
| Land and construction                 |   |         | 21,543  |   |            |   | 23,757 |   |
| Commercial business                   |   |         | 8,196   |   |            |   | 7,822 |   |
| Consumer and other loans              |   |         | 6,974   |   |            |   | 7,152 |   |
| Total loans receivable                |   |         | 292,925 |   |            |   | 291,518 |   |
| Less:                                 |   |         |    |   |            |   |   |   |
|   Deferred fees             |   |         | (399    | )      |            |   | (372 | ) |
|   Allowance for loan losses |   |         | (5,280  | )      |            |   | (5,090 | ) |
| Loans receivable - net                |   | $            | 287,246 |   |            | $      | 286,056 |   |

----

----

| (Dollars in thousands) |   | 30-59 DaysPast Due |    |   | 60-89 Days Past Due |   |    | 90 orMoreDays |   |   | TotalPast Due |   |   | Current |   |   | TotalLoans Receivable |   |    | Loans Receivable Greater Than90 Days Past Due and Accruing |   |
|------------------------|--------|--------------------|---------|--------|-------------------------------|--------|---------|---------------|--------|--------|---------------|--------|--------|---------|--------|--------|-----------------------|--------|---------|------------------------------------------------------------|--------|
| Real estate:           |   |               |    |   |                          |   |    |          |   |   |          |   |   |    |   |   |                  |   |    |                                                       |   |
| Single-family          |   | $                  | 1,690   |   |                          | $      | 494     |          |   | $      | 2,477         |   |   | $       | 4,661  |   |                  | $      | 114,454 |                                                       |   | $ | 119,115 |   |   | $ | 2,404 |   |
| Multi-family           |   |               | — |   |                          |   | — |          |   |   | —       |   |   |    | ---    |   |                  |   | 7,340   |                                                       |   |   | 7,340 |   |   |   | — |   |
| Commercial             |   |               | 1,739   |   |                          |   | 147     |          |   |   | 2,355         |   |   |    | 4,241  |   |                  |   | 125,516 |                                                       |   |   | 129,757 |   |   |   | — |   |
| Land and construction  |   |               | 3,773   |   |                          |   | — |          |   |   | 1,720         |   |   |    | 5,493  |   |                  |   | 16,050  |                                                       |   |   | 21,543 |   |   |   | — |   |
| Commercial business    |   |               | 368     |   |                          |   | 49      |          |   |   | 140           |   |   |    | 557    |   |                  |   | 7,639   |                                                       |   |   | 8,196 |   |   |   | — |   |
| Consumer               |   |               | 217     |   |                          |   | 111     |          |   |   | 354           |   |   |    | 682    |   |                  |   | 6,292   |                                                       |   |   | 6,974 |   |   |   | 354 |   |
| Total                  |   | $                  | 7,787   |   |                          | $      | 801     |          |   | $      | 7,046         |   |   | $       | 15,634 |   |                  | $      | 277,291 |                                                       |   | $ | 292,925 |   |   | $ | 2,758 |   |

| (Dollars in thousands) |   | 30-59 DaysPast Due |    |   | 60-89 Days Past Due |   |    | 90 orMoreDays |   |   | TotalPast Due |   |   | Current |    |   | TotalLoans Receivable |   |    | Loans Receivable Greater Than90 Days Past Due and Accruing |   |
|------------------------|--------|--------------------|---------|--------|-------------------------------|--------|---------|---------------|--------|--------|---------------|--------|--------|---------|---------|--------|-----------------------|--------|---------|------------------------------------------------------------|--------|
| Real estate:           |   |               |    |   |                          |   |    |          |   |   |          |   |   |    |    |   |                  |   |    |                                                       |   |
| Single-family          |   | $                  | 1,772   |   |                          | $      | 582     |          |   | $      | 2,382         |   |   | $       | 4,736   |   |                  | $      | 110,249 |                                                       |   | $ | 114,985 |   |   | $ | 2,308 |   |
| Multi-family           |   |               | — |   |                          |   | — |          |   |   | —       |   |   |    | — |   |                  |   | 6,293   |                                                       |   |   | 6,293 |   |   |   | — |   |
| Commercial             |   |               | 2,134   |   |                          |   | 1,115   |          |   |   | 2,128         |   |   |    | 5,377   |   |                  |   | 126,132 |                                                       |   |   | 131,509 |   |   |   | — |   |
| Land and construction  |   |               | — |   |                          |   | — |          |   |   | 1,720         |   |   |    | 1,720   |   |                  |   | 22,037  |                                                       |   |   | 23,757 |   |   |   | — |   |
| Commercial business    |   |               | — |   |                          |   | — |          |   |   | 74            |   |   |    | 74      |   |                  |   | 7,748   |                                                       |   |   | 7,822 |   |   |   | — |   |
| Consumer               |   |               | 251     |   |                          |   | 105     |          |   |   | 284           |   |   |    | 640     |   |                  |   | 6,512   |                                                       |   |   | 7,152 |   |   |   | 284 |   |
| Total                  |   | $                  | 4,157   |   |                          | $      | 1,802   |          |   | $      | 6,588         |   |   | $       | 12,547  |   |                  | $      | 278,971 |                                                       |   | $ | 291,518 |   |   | $ | 2,592 |   |

----

|                                                      |   | March 31, 2011 |    |   | December 31,2010 |   |
|-----------------------------------------------------------|--------|----------------|---------|--------|------------------|--------|
| (Dollars in thousands)                                    |   |           |    |   |             |   |
|                                                      |   |           |    |   |             |   |
|   Real estate:                                  |   |           |    |   |             |   |
|       Single-family         |   | $              | 73      |   |             | $      | 74 |   |
|       Multi-family          |   |           | — |   |             |   | — |   |
|       Commercial            |   |           | 2,355   |   |             |   | 2,128 |   |
|       Land and construction |   |           | 11,357  |   |             |   | 11,423 |   |
|   Commercial business                           |   |           | 140     |   |             |   | 74 |   |
|   Consumer                                      |   |           | — |   |             |   | — |   |
|     Total non-accruing loans          |   | $              | 13,925  |   |             | $      | 13,699 |   |

----

| 1.     | Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices.                                                                            |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                             |
| 2.     | National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. |

| 3.     | Nature and volume of the portfolio and terms of loans.          |
|--------|-----------------------------------------------------------------|
|   |                                                            |
| 4.     | Experience, ability, and depth of lending management and staff. |

| 5.     | Volume and severity of past due, classified and nonaccrual loans as well as and other loan modifications.                 |
|--------|---------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                      |
| 6.     | Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. |

| 7.     | Existence and effect of any concentrations of credit and changes in the level of such concentrations. |
|--------|-------------------------------------------------------------------------------------------------------|
|   |                                                                                                  |
| 8.     | Effect of external factors, such as competition and legal and regulatory requirements.                |

----

----

|                            |   | For the three months ended |    |   | For the year ended, |   |
|---------------------------------|--------|----------------------------|---------|--------|---------------------|--------|
| Dollars in Thousands            |   | March, 31 2011             |    |   | December 31, 2010   |   |
| Balance, beginning of year      |   | $                          | 5,090   |   |                | $      | 3,538 |   |
| Provision charged to operations |   |                       | 225     |   |                |   | 2,120 |   |
| Charge-offs                     |   |                       | (35     | )      |                |   | (599 | ) |
| Recoveries                      |   |                       | — |   |                |   | 31 |   |
| Balance, end of year            |   | $                          | 5,280   |   |                | $      | 5,090 |   |

|                                          |   | At March 31, |   |   | At December 31, |   |
|-----------------------------------------------|--------|--------------|--------|--------|-----------------|--------|
| Dollars in Thousands                          |   | 2011         |   |   | 2010            |   |
| Impaired loans without a valuation allowance  |   | $            | 2,224  |   |            | $      | 1,997 |   |
|                                          |   |         |   |   |            |   |   |   |
| Impaired loans with a valuation allowance     |   |         | 11,628 |   |            |   | 11,627 |   |
|                                          |   |         |   |   |            |   |   |   |
| Total impaired loans                          |   | $            | 13,852 |   |            | $      | 13,625 |   |
|                                          |   |         |   |   |            |   |   |   |
| Valuation allowance related to impaired loans |   | $            | 1,946  |   |            | $      | 1,777 |   |

----

|  (Dollars in thousands)                   |   | Single Family Real Estate |    |   | Multi Family Real Estate |   |    | Commercial Real Estate |   |   | Land and Construction |   |   | Commercial Business |    |   | Consumer |   |    | Total  |   |
|------------------------------------------------|--------|---------------------------|---------|--------|--------------------------|--------|---------|------------------------|--------|--------|-----------------------|--------|--------|---------------------|---------|--------|----------|--------|---------|--------|--------|
| Allowance for loan losses:                     |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |
| Beginning balance                              |   | $                         | 411     |   |                     | $      | 247     |                   |   | $      | 2,072                 |   |   | $                   | 2,151   |   |     | $      | 190     |   |   | $ | 19 |   |   | $ | 5,090 |   |
|     Charge-offs            |   |                      | (33     | )      |                     |   | — |                   |   |   | —               |   |   |                | — |   |     |   | — |   |   |   | (2 | ) |   |   | (35 | ) |
|     Recoveries             |   |                      | — |   |                     |   | — |                   |   |   | —               |   |   |                | — |   |     |   | — |   |   |   | — |   |   |   | — |   |
|     Provisions             |   |                      | 45      |   |                     |   | 32      |                   |   |   | 30                    |   |   |                | 96      |   |     |   | 20      |   |   |   | 2 |   |   |   | 225 |   |
| Ending balance                                 |   | $                         | 423     |   |                     | $      | 279     |                   |   | $      | 2,102                 |   |   | $                   | 2,247   |   |     | $      | 210     |   |   | $ | 19 |   |   | $ | 5,280 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     individually evaluated |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     for impairment         |   | $                         | — |   |                     | $      | — |                   |   | $      | 26                    |   |   | $                   | 1,907   |   |     | $      | 13      |   |   | $ | — |   |   | $ | 1,946 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     collectively evaluated |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     for impairment         |   | $                         | 423     |   |                     | $      | 279     |                   |   | $      | 2,076                 |   |   | $                   | 340     |   |     | $      | 197     |   |   | $ |  19 |   |   | $ | 3,334 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     loans acquired with    |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     deteriorated credit    |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     quality                |   | $                         | — |   |                     | $      | — |                   |   | $      | —               |   |   | $                   | — |   |     | $      | — |   |   | $ | — |   |   | $ | — |   |
|                                           |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
| Loans receivable:                              |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
| Ending balance                                 |   | $                         | 119,115 |   |                     | $      | 7,340   |                   |   | $      | 129,757               |   |   | $                   | 21,543  |   |     | $      | 8,196   |   |   | $ | 6,974 |   |   | $ | 292,925 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     individually evaluated |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     for impairment         |   | $                         | — |   |                     | $      | — |                   |   | $      | 2,355                 |   |   | $                   | 11,357  |   |     | $      | 140     |   |   | $ | — |   |   | $ | 13,852 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     collectively evaluated |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     for impairment         |   | $                         | 119,115 |   |                     | $      | 7,340   |                   |   | $      | 127,402               |   |   | $                   | 10,186  |   |     | $      | 8,056   |   |   | $ | 6,974 |   |   | $ | 279,073 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     loans acquired with    |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     deteriorated           |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     credit quality         |   | $                         | — |   |                     | $      | — |                   |   | $      | —               |   |   | $                   | — |   |     | $      | — |   |   | $ | — |   |   | $ | — |   |

----

|  (Dollars in thousands)                   |   | Single Family Real Estate |    |   | Multi Family Real Estate |   |    | Commercial Real Estate |   |   | Land and Construction |   |   | Commercial Business |    |   | Consumer |   |    | Total  |   |
|------------------------------------------------|--------|---------------------------|---------|--------|--------------------------|--------|---------|------------------------|--------|--------|-----------------------|--------|--------|---------------------|---------|--------|----------|--------|---------|--------|--------|
| Allowance for loan losses:                     |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |
| Ending balance                                 |   | $                         | 411     |   |                     | $      | 247     |                   |   | $      | 2,072                 |   |   | $                   | 2,151   |   |     | $      | 190     |   |   | $ | 19 |   |   | $ | 5,090 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     individually evaluated |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     for impairment         |   | $                         | — |   |                     | $      | — |                   |   | $      | 26                    |   |   | $                   | 1,751   |   |     | $      | — |   |   | $ | — |   |   | $ | 1,777 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     collectively evaluated |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     for impairment         |   | $                         | 411     |   |                     | $      | 247     |                   |   | $      | 2,046                 |   |   | $                   | 400     |   |     | $      | 190     |   |   | $ |  19 |   |   | $ | 3,313 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     loans acquired with    |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     deteriorated credit    |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     quality                |   | $                         | — |   |                     | $      | — |                   |   | $      | —               |   |   | $                   | — |   |     | $      | — |   |   | $ | — |   |   | $ | — |   |
|                                           |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
| Loans receivable:                              |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
| Ending balance                                 |   | $                         | 114,985 |   |                     | $      | 6,293   |                   |   | $      | 131,509               |   |   | $                   | 23,757  |   |     | $      | 7,822   |   |   | $ | 7,152 |   |   | $ | 291,518 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     individually evaluated |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     for impairment         |   | $                         | — |   |                     | $      | — |                   |   | $      | 2,128                 |   |   | $                   | 11,423  |   |     | $      | 74      |   |   | $ | — |   |   | $ | 13,625 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     collectively evaluated |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     for impairment         |   | $                         | 114,985 |   |                     | $      | 6,293   |                   |   | $      | 129,381               |   |   | $                   | 12,334  |   |     | $      | 7,748   |   |   | $ | 7,152 |   |   | $ | 277,893 |   |
| Ending balance:                                |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     loans acquired with    |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     deteriorated           |   |                      |    |   |                     |   |    |                   |   |   |                  |   |   |                |    |   |     |   |    |   |   |   |   |   |   |   |   |   |
|     credit quality         |   | $                         | — |   |                     | $      | — |                   |   | $      | —               |   |   | $                   | — |   |     | $      | — |   |   | $ | — |   |   | $ | — |   |

----

|                                                      |   | Pass   |    |   | Special Mention |   |    | Substandard |   |   | Doubtful |   |   | Total  |    |
|-----------------------------------------------------------|--------|--------|---------|--------|-----------------|--------|---------|-------------|--------|--------|----------|--------|--------|--------|---------|
| (Dollars in thousands)                                    |   |   |    |   |            |   |    |        |   |   |     |   |   |   |    |
|                                                      |   |   |    |   |            |   |    |        |   |   |     |   |   |   |    |
|   Real estate:                                  |   |   |    |   |            |   |    |        |   |   |     |   |   |   |    |
|       Single-family         |   | $      | 116,637 |   |            | $      | — |        |   | $      | 2,477    |   |   | $      | — |   |   | $ | 119,115 |   |
|       Multi-family          |   |   | 4,459   |   |            |   | 2,881   |        |   |   | —  |   |   |   | — |   |   |   | 7,340 |   |
|       Commercial            |   |   | 121,419 |   |            |   | 5,984   |        |   |   | 2,355    |   |   |   | — |   |   |   | 129,757 |   |
|       Land and construction |   |   | 8,454   |   |            |   | 1,733   |        |   |   | 11,357   |   |   |   | — |   |   |   | 21,543 |   |
|   Commercial business                           |   |   | 8,005   |   |            |   | 50      |        |   |   | 140      |   |   |   | — |   |   |   | 8,196 |   |
|   Consumer                                      |   |   | 6,974   |   |            |   | — |        |   |   | —  |   |   |   | — |   |   |   | 6,974 |   |
|     Total                             |   | $      | 265,948 |   |            | $      | 10,648  |        |   | $      | 16,329   |   |   | $      | — |   |   | $ | 292,925 |   |

|                                                      |   | Pass   |    |   | Special Mention |   |    | Substandard |   |   | Doubtful |   |   | Total  |    |
|-----------------------------------------------------------|--------|--------|---------|--------|-----------------|--------|---------|-------------|--------|--------|----------|--------|--------|--------|---------|
| (Dollars in thousands)                                    |   |   |    |   |            |   |    |        |   |   |     |   |   |   |    |
|                                                      |   |   |    |   |            |   |    |        |   |   |     |   |   |   |    |
|   Real estate:                                  |   |   |    |   |            |   |    |        |   |   |     |   |   |   |    |
|       Single-family         |   | $      | 112,603 |   |            | $      | — |        |   | $      | 2,382    |   |   | $      | — |   |   | $ | 114,985 |   |
|       Multi-family          |   |   | 3,397   |   |            |   | 2,896   |        |   |   | —  |   |   |   | — |   |   |   | 6,293 |   |
|       Commercial            |   |   | 126,066 |   |            |   | 3,315   |        |   |   | 2,128    |   |   |   | — |   |   |   | 131,509 |   |
|       Land and construction |   |   | 10,677  |   |            |   | 1,657   |        |   |   | 11,423   |   |   |   | — |   |   |   | 23,757 |   |
|   Commercial business                           |   |   | 7,698   |   |            |   | 50      |        |   |   | 74       |   |   |   | — |   |   |   | 7,822 |   |
|   Consumer                                      |   |   | 7,152   |   |            |   | — |        |   |   | —  |   |   |   | — |   |   |   | 7,152 |   |
|     Total                             |   | $      | 267,593 |   |            | $      | 7,918   |        |   | $      | 16,007   |   |   | $      | — |   |   | $ | 291,518 |   |

----

----

| (Dollars in Thousands)                                    |   | Recorded Investment |    |   | Unpaid Principal Balance |   |    | Related Allowance |   |   | Average Recorded Investment |   |   | Interest Income Recognized While Impaired |    |
|-----------------------------------------------------------|--------|---------------------|---------|--------|--------------------------|--------|---------|-------------------|--------|--------|-----------------------------|--------|--------|-------------------------------------------|---------|
| With no related allowance recorded:                       |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |
|   Real estate:                                  |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |
|       Multi-family          |   | $                   | — |   |                     | $      | — |              |   | $      | —                     |   |   | $                                         | — |   |   | $ | — |   |
|       Commercial            |   | $                   | 2,151   |   |                     | $      | 2,151   |              |   | $      | —                     |   |   | $                                         | 1,996   |   |   | $ | 17 |   |
|       Land and construction |   | $                   | — |   |                     | $      | — |              |   | $      | —                     |   |   | $                                         | — |   |   | $ | — |   |
|   Commercial business                           |   | $                   | 73      |   |                     | $      | 73      |              |   | $      | —                     |   |   | $                                         | 74      |   |   | $ | 1 |   |
|                                                      |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
| With an allowance recorded:                               |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
|   Real estate:                                  |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
|       Multi-family          |   | $                   | — |   |                     | $      | — |              |   | $      | —                     |   |   | $                                         | — |   |   | $ | — |   |
|       Commercial            |   | $                   | 204     |   |                     | $      | 204     |              |   | $      | 26                          |   |   | $                                         | 204     |   |   | $ | — |   |
|       Land and construction |   | $                   | 11,357  |   |                     | $      | 12,010  |              |   | $      | 1,907                       |   |   | $                                         | 11,357  |   |   | $ | — |   |
|   Commercial business                           |   | $                   | 67      |   |                     | $      | — |              |   | $      | 13                          |   |   | $                                         | 22      |   |   | $ | — |   |
|                                                      |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
| Total:                                                    |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
|   Real estate:                                  |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
|       Multi-family          |   | $                   | — |   |                     | $      | — |              |   | $      | —                     |   |   | $                                         | — |   |   | $ | — |   |
|       Commercial            |   | $                   | 2,355   |   |                     | $      | 2,355   |              |   | $      | 26                          |   |   | $                                         | 2,200   |   |   | $ | 17 |   |
|       Land and construction |   | $                   | 11,357  |   |                     | $      | 12,010  |              |   | $      | 1,907                       |   |   | $                                         | 11,357  |   |   | $ | — |   |
|   Commercial business                           |   | $                   | 140     |   |                     | $      | 74      |              |   | $      | 13                          |   |   | $                                         | 96      |   |   | $ | 1 |   |

| (Dollars in Thousands)                                    |   | Recorded Investment |    |   | Unpaid Principal Balance |   |    | Related Allowance |   |   | Average Recorded Investment |   |   | Interest Income Recognized While Impaired |    |
|-----------------------------------------------------------|--------|---------------------|---------|--------|--------------------------|--------|---------|-------------------|--------|--------|-----------------------------|--------|--------|-------------------------------------------|---------|
| With no related allowance recorded:                       |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |
|   Real estate:                                  |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |
|       Multi-family          |   | $                   | — |   |                     | $      | — |              |   | $      | —                     |   |   | $                                         | — |   |   | $ | — |   |
|       Commercial            |   | $                   | 1,924   |   |                     | $      | 1,924   |              |   | $      | —                     |   |   | $                                         | 1,264   |   |   | $ | 45 |   |
|       Land and construction |   | $                   | — |   |                     | $      | — |              |   | $      | —                     |   |   | $                                         | — |   |   | $ | — |   |
|   Commercial business                           |   | $                   | 74      |   |                     | $      | 74      |              |   | $      | —                     |   |   | $                                         | 74      |   |   | $ | — |   |
|                                                      |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
| With an allowance recorded:                               |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
|   Real estate:                                  |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
|       Multi-family          |   | $                   | — |   |                     | $      | — |              |   | $      | —                     |   |   | $                                         | — |   |   | $ | — |   |
|       Commercial            |   | $                   | 204     |   |                     | $      | 204     |              |   | $      | 26                          |   |   | $                                         | 204     |   |   | $ | 2 |   |
|       Land and construction |   | $                   | 11,423  |   |                     | $      | 12,010  |              |   | $      | 1,751                       |   |   | $                                         | 9,433   |   |   | $ | 378 |   |
|   Commercial business                           |   | $                   | — |   |                     | $      | — |              |   | $      | —                     |   |   | $                                         | — |   |   | $ | — |   |
|                                                      |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
| Total:                                                    |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
|   Real estate:                                  |   |                |    |   |                     |   |    |              |   |   |                        |   |   |                                      |    |   |   |   |   |   |
|       Multi-family          |   | $                   | — |   |                     | $      | — |              |   | $      | —                     |   |   | $                                         | — |   |   | $ | — |   |
|       Commercial            |   | $                   | 2,128   |   |                     | $      | 2,128   |              |   | $      | 26                          |   |   | $                                         | 1,468   |   |   | $ | 47 |   |
|       Land and construction |   | $                   | 11,423  |   |                     | $      | 12,010  |              |   | $      | 1,751                       |   |   | $                                         | 9,433   |   |   | $ | 378 |   |
|   Commercial business                           |   | $                   | 74      |   |                     | $      | 74      |              |   | $      | —                     |   |   | $                                         | 74      |   |   | $ | — |   |

----

| (Dollars in Thousands)                                                                                          |   |   |          |   | Tax       |   |          |   |   |
|-----------------------------------------------------------------------------------------------------------------|--------|--------|---------------|--------|-----------|--------|---------------|--------|--------|
|                                                                                                            |   | Before |          |   | Benefit   |   |          | Net of |   |
|                                                                                                            |   | Tax    |          |   | (Expense) |   |          | Tax    |   |
| For the three month period ended March 31, 2011:                                                                |   |   |          |   |      |   |          |   |   |
|  Unrealized losses on available for sale securities                                                        |   |   |          |   |      |   |          |   |   |
|      Unrealized holding losses arising during period                                   |   | $      | (195          | )      |      | $      | 66            |   |   | $ | (129 | ) |
|       Plus: reclassification adjustment for net losses realized during the period |   |   |  42      |   |      |   |  (14     | )      |   |   |  28 |   |
|      Change in unrealized loss on available for sale securities                        |   |   | (153          | )      |      |   |  52      |   |   |   |  (101 | ) |
|      Change in liability in retirement plans                                           |   |   |  — |   |      |   |  — |   |   |   |  — |   |
|      Other comprehensive loss                                                          |   | $      | (153          | )      |      | $      | 52            |   |   | $ | (101 | ) |
|                                                                                                            |   |   |          |   |      |   |          |   |   |   |   |   |
| For the three month period ended March 31, 2010:                                                                |   |   |          |   |      |   |          |   |   |   |   |   |
|  Unrealized gains on available for sale securities                                                         |   |   |          |   |      |   |          |   |   |   |   |   |
|      Unrealized holding gains arising during period                                    |   | $      |  282     |   |      | $      |  (96     | )      |   | $ |  186 |   |
|      Change in unrealized gain on available for sale securities                        |   |   | 282           |   |      |   | (96           | )      |   |   | 186 |   |
|      Change in liability in retirement plans                                           |   |   |  — |   |      |   |  — |   |   |   |  — |   |
|      Other comprehensive income                                                        |   | $      |  282     |   |      | $      |  (96     | )      |   | $ |  186 |   |

| (Dollars in Thousands)                     |   | For the        |   |   | For the           |   |
|--------------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                       |   | three months   |   |   | twelve months     |   |
|                                       |   | March 31, 2011 |   |   | December 31, 2010 |   |
| Net unrealized gain on securities          |   | $              | 300    |   |              | $      | 401 |   |
| Net unrealized loss on retirement plans    |   |           | (858   | )      |              |   | (858 | ) |
| Total accumulated other comprehensive loss |   | $              | (558   | )      |              | $      | (457 | ) |

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|                                                                 |   | Three Months Ended March 31, |    |
|----------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                 |   | 2011                         |    |   | 2010 |   |
|                                                                 |   | Average                      |    |   |   |   |   |   |   |   | Average |   |   |   |   |   |   |   |
|                                                                 |   | Balance                      |    |   | Interest |   |   | Rate |   |   | Balance |   |   | Interest |   |   | Rate |   |
| (Dollars in Thousands)                                               |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning assets:                                             |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Loans receivable (1) (3)                                 |   | $                            | 291,312 |   |   | $ | 4,140 |   |   |   | 5.68 | % |   | $ | 288,348 |   |   | $ | 4,223 |   |   |   | 5.86 | % |
|   Mortgage-backed securities (3)                           |   |                         | 15,592  |   |   |   | 162 |   |   |   | 4.16 |   |   |   | 22,765 |   |   |   | 242 |   |   |   | 4.25 |   |
|   Investment securities (3)                                |   |                         | 67,507  |   |   |   | 424 |   |   |   | 2.51 |   |   |   | 53,475 |   |   |   | 538 |   |   |   | 4.02 |   |
|   Due from depository institutions                         |   |                         | 66,484  |   |   |   | 46 |   |   |   | 0.28 |   |   |   | 71,812 |   |   |   | 76 |   |   |   | 0.42 |   |
|   Total interest-earning assets                            |   |                         | 440,895 |   |   |   | 4,772 |   |   |   | 4.33 |   |   |   | 436,400 |   |   |   | 5,079 |   |   |   | 4.66 |   |
|   Noninterest-earning assets                               |   |                         | 28,419  |   |   |   |   |   |   |   |   |   |   |   | 28,990 |   |   |   |   |   |   |   |   |   |
| Total assets                                                         |   | $                            | 469,314 |   |   |   |   |   |   |   |   |   |   | $ | 465,390 |   |   |   |   |   |   |   |   |   |
|                                                                 |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                                        |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Deposits                                                 |   | $                            | 366,389 |   |   |   | 1,141 |   |   |   | 1.25 |   |   | $ | 367,082 |   |   |   | 1,556 |   |   |   | 1.70 |   |
|   FHLB advances and other borrowings                       |   |                         | 6,566   |   |   |   | 5 |   |   |   | 0.30 |   |   |   | 28,238 |   |   |   | 448 |   |   |   | 6.35 |   |
|   Total interest-bearing liabilities                       |   |                         | 372,955 |   |   |   | 1,146 |   |   |   | 1.23 |   |   |   | 395,320 |   |   |   | 2,004 |   |   |   | 2.03 |   |
|   Noninterest-bearing                                      |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Liabilities                                  |   |                         | 16,791  |   |   |   |   |   |   |   |   |   |   |   | 21,243 |   |   |   |   |   |   |   |   |   |
|       Total liabilities                |   |                         | 389,746 |   |   |   |   |   |   |   |   |   |   |   | 416,563 |   |   |   |   |   |   |   |   |   |
|   Stockholders’ equity                               |   |                         | 79,568  |   |   |   |   |   |   |   |   |   |   |   | 48,827 |   |   |   |   |   |   |   |   |   |
|      Total liabilities and                  |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        stockholders’ equity |   | $                            | 469,314 |   |   |   |   |   |   |   |   |   |   | $ | 465,390 |   |   |   |   |   |   |   |   |   |
|                                                                 |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest-earning assets                                          |   | $                            | 67,940  |   |   |   |   |   |   |   |   |   |   | $ | 41,080 |   |   |   |   |   |   |   |   |   |
| Net interest income/interest                                         |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    rate spread                                        |   |                         |    |   |   | $ | 3,626 |   |   |   | 3.10 | % |   |   |   |   |   | $ | 3,075 |   |   |   | 2.63 | % |
| Net yield on interest-                                               |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Earning assets (2)                                 |   |                         |    |   |   |   |   |   |   |   | 3.29 | % |   |   |   |   |   |   |   |   |   |   | 2.82 | % |

----

| 1. | Nonaccrual loans and loan fees have been included.  |
|----|----------------------------------------------------------|

| 2. | Net interest income divided by interest-earning assets.  |
|----|---------------------------------------------------------------|

| 3. | The indicated yields are not reflected on a tax equivalent basis. |
|----|-------------------------------------------------------------------|

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|   | (c) | None |
|--------|-----|------|

|   | (a) | The following exhibits are filed herewith: |
|--------|-----|--------------------------------------------|

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|                          | ALLIANCE BANCORP, INC. OF PENNSYLVANIA |                         |
|-------------------------------|----------------------------------------|------------------------------|
|                          |                                   |                         |   |
| Date:  May 11, 2011 | By:                               | /s/ Dennis D. Cirucci        |   |
|                          |                                   | Dennis D. Cirucci, President |   |
|                          |                                   | and Chief Executive Officer  |   |

| Date:  May 11, 2011 | By:  | /s/ Peter J. Meier                    |   |
|-------------------------------|-----------|---------------------------------------|--------|
|                          |      | Peter J. Meier, Executive Vice        |   |
|                          |      | President and Chief Financial Officer |   |

----