----

----

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| (Mark One) |
|------------|
| x          | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       |   |
|       | For the quarterly period ended March 31, 2011 |
| OR         |
| o          | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       |   |
|       | For the transition period from   ______________   to   ______________ |
|       |   |
|       | Commission file number: 333-172659 |

| State Investors Bancorp, Inc.                          |
|--------------------------------------------------------|
| (Exact Name of Registrant as Specified in Its Charter) |

| Louisiana                                                      |   | 27-5301129                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |                                 |
| 1041 Veterans Boulevard                                        |   |                                 |
| Metairie, Louisiana                                            |   | 70005                                |
| (Address of Principal Executive Offices)                       |   | (Zip Code)                           |

| (504) 834-9400                                                                     |
|------------------------------------------------------------------------------------|
| (Registrant’s Telephone Number, Including Area Code)                         |
|                                                                               |
| Not Applicable                                                                     |
| (Former name, former address and former fiscal year, if changed since last report) |

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

----

| * | The issuer became subject to the filing requirements of Sections 13 and 15(d) when its Form S-1 was declared effective by the SEC on May 11, 2011. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------|

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| PART I - FINANCIAL INFORMATION   |                                                                                        | Page   |
|----------------------------------|---------------------------------------------------------------------------------------------|--------|
|                             |                                                                                        |   |   |
| Item 1 -                         | Financial Statements                                                                        |   | 1 |
|                             |                                                                                        |   |   |
| Item 2 -                         | Management’s Discussion and Analysis of Financial Condition and Results of Operations |   | 22 |
|                             |                                                                                        |   |   |
| Item 3 -                         | Quantitative and Qualitative Disclosures About Market Risk                                  |   | 29 |
|                             |                                                                                        |   |   |
| Item 4 -                         | Controls and Procedures                                                                     |   | 29 |
|                             |                                                                                        |   |   |
| PART II - OTHER INFORMATION      |                                                                                        |   |
|                             |                                                                                        |   |   |
| Item 1 -                         | Legal Proceedings                                                                           |   | 30 |
|                             |                                                                                        |   |   |
| Item 1A -                        | Risk Factors                                                                                |   | 30 |
|                             |                                                                                        |   |   |
| Item 2 -                         | Unregistered Sales of Equity Securities and Use of Proceeds                                 |   | 30 |
|                             |                                                                                        |   |   |
| Item 3 -                         | Defaults Upon Senior Securities                                                             |   | 30 |
|                             |                                                                                        |   |   |
| Item 4 -                         | (Removed and Reserved)                                                                      |   | 30 |
|                             |                                                                                        |   |   |
| Item 5 -                         | Other Information                                                                           |   | 30 |
|                             |                                                                                        |   |   |
| Item 6 -     | Exhibits                                                                                    |   | 30 |
|                             |                                                                                        |   |   |
| Signatures                       |                                                                                        | 31     |

----

|                                                  |   | March 31,   |        |   | December 31, |   |
|-------------------------------------------------------|--------|-------------|-------------|--------|--------------|--------|
|                                                  |   | 2011        |        |   | 2010         |   |
|                                                  |   | (Unaudited) |        |   | (Audited)    |   |
| ASSETS                                                |   |        |        |   |         |   |
|                                                  |   |        |        |   |         |   |
| Cash – non-interest bearing                     |   | $           | 7,475       |   |         | $      | 3,724 |   |
| Cash – interest bearing                         |   |        | 2,737       |   |         |   | 3,207 |   |
| Federal funds sold                                    |   |        | 100         |   |         |   | 100 |   |
|                                                  |   |        |        |   |         |   |   |   |
| Cash and cash equivalents                             |   |        | 10,312      |   |         |   | 7,031 |   |
| Investment securities:                                |   |        |        |   |         |   |   |   |
| Available for sale                                    |   |        | 9,030       |   |         |   | 8,802 |   |
| Held to maturity                                      |   |        | 554         |   |         |   | 577 |   |
| Loans, net                                            |   |        | 181,610     |   |         |   | 180,631 |   |
| Federal Home Loan Bank Stock                          |   |        | 1,362       |   |         |   | 1,361 |   |
| Accrued interest receivable                           |   |        | 1,000       |   |         |   | 1,020 |   |
| Premises and equipment, net                           |   |        | 8,792       |   |         |   | 7,773 |   |
| Other real estate, net                                |   |        | 167         |   |         |   | 167 |   |
| Deferred income taxes                                 |   |        | 332         |   |         |   | 303 |   |
| Other assets                                          |   |        |  1,194 |   |         |   | 1,023 |   |
|                                                  |   |        |        |   |         |   |   |   |
| TOTAL ASSETS                                          |   | $           | 214,353     |   |         | $      | 208,688 |   |
|                                                  |   |        |        |   |         |   |   |   |
| LIABILITIES AND EQUITY                                |   |        |        |   |         |   |   |   |
|                                                  |   |        |        |   |         |   |   |   |
| Liabilities:                                          |   |        |        |   |         |   |   |   |
| Deposits                                              |   | $           | 165,099     |   |         | $      | 159,130 |   |
| Advances from Federal Home Loan Bank                  |   |        | 25,703      |   |         |   | 26,483 |   |
| Advance payments by borrowers for taxes and insurance |   |        | 821         |   |         |   | 834 |   |
| Accrued interest payable                              |   |        | 94          |   |         |   | 119 |   |
| Other liabilities                                     |   |        | 1,132       |   |         |   | 831 |   |
|                                                  |   |        |        |   |         |   |   |   |
| TOTAL LIABILITIES                                     |   |        | 192,849     |   |         |   | 187,397 |   |
|                                                  |   |        |        |   |         |   |   |   |
| Commitments and contingencies                         |   |        |        |   |         |   |   |   |
| Equity:                                               |   |        |        |   |         |   |   |   |
| Retained earnings-substantially restricted            |   |        | 21,324      |   |         |   | 21,105 |   |
| Accumulated other comprehensive income                |   |        | 180         |   |         |   | 186 |   |
|                                                  |   |        |        |   |         |   |   |   |
| TOTAL EQUITY                                          |   |        | 21,504      |   |         |   | 21,291 |   |
|                                                  |   |        |        |   |         |   |   |   |
| TOTAL LIABILITIES AND EQUITY                          |   | $           | 214,353     |   |         | $      | 208,688 |   |

----

|                                                                               |   | For the Three Months Ended |   |
|------------------------------------------------------------------------------------|--------|----------------------------|--------|
|                                                                               |   | March 31,                  |   |
|                                                                               |   | 2011                       |   |   | 2010 |   |
|                                                                               |   | (Unaudited)                |   |
| INTEREST INCOME:                                                                   |   |                       |   |   |   |   |
|      Interest and fees on loans                           |   | $                          | 2,663  |   |   | $ | 2,872 |   |
|      Interest on investment securities                    |   |                       | 54     |   |   |   | 75 |   |
|      Other interest and dividends                         |   |                       | 2      |   |   |   | 5 |   |
|                                                                               |   |                       |   |   |   |   |   |   |
| TOTAL INTEREST INCOME                                                              |   |                       | 2,719  |   |   |   | 2,952 |   |
|                                                                               |   |                       |   |   |   |   |   |   |
| INTEREST EXPENSE:                                                                  |   |                       |   |   |   |   |   |   |
|      Interest on deposits                                 |   |                       | 680    |   |   |   | 741 |   |
|      Interest on Federal Home Loan Bank advances          |   |                       | 240    |   |   |   | 430 |   |
|                                                                               |   |                       |   |   |   |   |   |   |
| TOTAL INTEREST EXPENSE                                                             |   |                       | 920    |   |   |   | 1,171 |   |
|                                                                               |   |                       |   |   |   |   |   |   |
| NET INTEREST INCOME                                                                |   |                       | 1,799  |   |   |   | 1,781 |   |
| PROVISION FOR LOAN LOSSES                                                          |   |                       | 30     |   |   |   | 45 |   |
|                                                                               |   |                       |   |   |   |   |   |   |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES                                |   |                       | 1,769  |   |   |   | 1,736 |   |
| NON-INTEREST INCOME:                                                               |   |                       |   |   |   |   |   |   |
|      Net (loss) on sale of available-for-sale securities  |   |                       | --     |   |   |   | (23 | ) |
|      Service charges, fees and other                      |   |                       | 56     |   |   |   | 40 |   |
|                                                                               |   |                       |   |   |   |   |   |   |
| TOTAL NON-INTEREST INCOME                                                          |   |                       | 56     |   |   |   | 17 |   |
| NON-INTEREST EXPENSES:                                                             |   |                       |   |   |   |   |   |   |
|      Salaries and employee benefits                       |   |                       | 780    |   |   |   | 738 |   |
|      Occupancy expense                                    |   |                       | 151    |   |   |   | 126 |   |
|      Data processing                                      |   |                       | 134    |   |   |   | 110 |   |
|      Security                                             |   |                       | 58     |   |   |   | 50 |   |
|      Deposit insurance premiums                           |   |                       | 79     |   |   |   | 57 |   |
|      Advertising                                          |   |                       | 23     |   |   |   | 35 |   |
|      Other real estate owned expenses (income) - net |   |                       | (7     | ) |   |   | 16 |   |
|      Other                                                |   |                       | 253    |   |   |   | 210 |   |
|                                                                               |   |                       |   |   |   |   |   |   |
| TOTAL NON-INTEREST EXPENSES                                                        |   |                       | 1,471  |   |   |   | 1,342 |   |
|                                                                               |   |                       |   |   |   |   |   |   |
| INCOME BEFORE INCOME TAXES                                                         |   |                       | 354    |   |   |   | 411 |   |
| INCOME TAX EXPENSE                                                                 |   |                       | 135    |   |   |   | 148 |   |
|                                                                               |   |                       |   |   |   |   |   |   |
| NET INCOME                                                                         |   | $                          | 219    |   |   | $ | 263 |   |

----

|                                                                                                                                         |   |     |      |   | Accumulated   |   |      |   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|--------|---------------|--------|-----------|--------|--------|
|                                                                                                                                         |   |     |      |   | Other         |   |      |   |   |
|                                                                                                                                         |   | Retained |      |   | Comprehensive |   |      | Total  |   |
|                                                                                                                                         |   | Earnings |      |   | Income (Loss) |   |      | Equity |   |
|                                                                                                                                         |   |     |      |   | (Unaudited)   |   |      |   |   |
| Balance at December 31, 2009(1)                                                                                                              |   | $        | 20,129    |   |          | $      | 55        |   |   | $ | 20,184 |   |
| Comprehensive Income:                                                                                                                        |   |     |      |   |          |   |      |   |   |   |   |   |
| Net Income                                                                                                                                   |   |     | 263       |   |          |   | --        |   |   |   | 263 |   |
| Other comprehensive income, net of tax:                                                                                                      |   |     |      |   |          |   |      |   |   |   |   |   |
| Net change in unrealized gain on securities available-for-sale, net of deferred income taxes of $19 and reclassification adjustment of $(23) |   |     |   -- |   |          |   |   35 |   |   |   |   35 |   |
|                                                                                                                                         |   |     |      |   |          |   |      |   |   |   |   |   |
| Total Comprehensive Income                                                                                                                   |   |     |  --  |   |          |   |  --  |   |   |   |  298 |   |
|                                                                                                                                         |   |     |      |   |          |   |      |   |   |   |   |   |
| Balance at March 31, 2010                                                                                                                    |   | $        | 20,392    |   |          | $      | 90        |   |   | $ | 20,482 |   |
|  Balance at December 31, 2010(1)                                                                                                        |   | $        | 21,105    |   |          | $      | 186       |   |   | $ | 21,291 |   |
| Comprehensive Income:                                                                                                                        |   |     |      |   |          |   |      |   |   |   |   |   |
| Net Income                                                                                                                                   |   |     | 219       |   |          |   | --        |   |   |   | 219 |   |
| Other comprehensive income, net of tax:                                                                                                      |   |     |      |   |          |   |      |   |   |   |   |   |
| Net change in unrealized gain on securities available-for-sale, net of deferred income taxes of $(3)                                         |   |     | --        |   |          |   | (6        | )      |   |   | (6 | ) |
|                                                                                                                                         |   |     |      |   |          |   |      |   |   |   |   |   |
| Total Comprehensive Income                                                                                                                   |   |     | --        |   |          |   | --        |   |   |   |  213 |   |
|                                                                                                                                         |   |     |      |   |          |   |      |   |   |   |   |   |
| Balance at March 31, 2011                                                                                                                    |   | $        | 21,324    |   |          | $      | 180       |   |   | $ | 21,504 |   |

----

----

|                                                                                   |   | Three Months Ended March 31, |   |
|----------------------------------------------------------------------------------------|--------|------------------------------|--------|
|                                                                                   |   | 2011                         |   |   | 2010 |   |
|                                                                                   |   | (Unaudited)                  |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                  |   |                         |   |   |   |   |
| Net income                                                                             |   | $                            | 219    |   |   | $ | 263 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                         |   |   |   |   |   |   |
| Loss on sale of investment securities available for sale                               |   |                         | --     |   |   |   | 23 |   |
| Provision for loan losses                                                              |   |                         | 30     |   |   |   | 45 |   |
| Depreciation and amortization                                                          |   |                         | 74     |   |   |   | 52 |   |
| Amortization (accretion) of securities                                                 |   |                         | 11     |   |   |   | -- |   |
| Stock dividend on FHLB stock                                                           |   |                         | (1     | ) |   |   | (3 | ) |
| Deferred income taxes provision (benefit)                                              |   |                         | (26    | ) |   |   | -- |   |
| Changes in operating assets and liabilities                                            |   |                         |   |   |   |   |   |   |
| (Increase) decrease in accrued interest receivable                                     |   |                         | 21     |   |   |   | 1 |   |
| (Increase) decrease in other assets                                                    |   |                         | (171   | ) |   |   | (80 | ) |
| Increase (decrease) in accrued interest payable                                        |   |                         | (24    | ) |   |   | (18 | ) |
| Increase (decrease) in other liabilities                                               |   |                         | 301    |   |   |   | 78 |   |
|                                                                                   |   |                         |   |   |   |   |   |   |
| NET CASH PROVIDED BY OPERATING ACTIVITIES                                              |   |                         | 434    |   |   |   | 361 |   |
|                                                                                   |   |                         |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                  |   |                         |   |   |   |   |   |   |
| Net (increase) decrease in loans                                                       |   |                         | (1,009 | ) |   |   | 4,167 |   |
| Purchase of securities available for sale                                              |   |                         | (489   | ) |   |   | -- |   |
| Proceeds from sale of investment securities available for sale                         |   |                         | --     |   |   |   | 65 |   |
| Proceeds from principal repayments of mortgage-backed securities                       |   |                         | 263    |   |   |   | 271 |   |
| Redemption of FHLB stock                                                               |   |                         | --     |   |   |   | 345 |   |
| Purchase of premises and equipment                                                     |   |                         | (1,093 | ) |   |   |  (275 | ) |
|                                                                                   |   |                         |   |   |   |   |   |   |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES                                    |   |                         | (2,328 | ) |   |   | 4,573 |   |
|                                                                                   |   |                         |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                  |   |                         |   |   |   |   |   |   |
| Net increase in deposit accounts                                                       |   |                         | 5,969  |   |   |   | 7,442 |   |
| Increase (decrease) in advances by borrowers for insurance and taxes                   |   |                         | (14    | ) |   |   | (20 | ) |
| Payments on advances from the FHLB                                                     |   |                         | (780   | ) |   |   | (903 | ) |
|                                                                                   |   |                         |   |   |   |   |   |   |
| NET CASH PROVIDED BY FINANCING ACTIVITIES                                         |   |                         | 5,175  |   |   |   | 6,519 |   |
|                                                                                   |   |                         |   |   |   |   |   |   |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                       |   |                         | 3,281  |   |   |   | 11,453 |   |
| CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD                                  |   |                         | 7,031  |   |   |   | 3,454 |   |
|                                                                                   |   |                         |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS – END OF PERIOD                                        |   | $                            | 10,312 |   |   | $ | 14,907 |   |
|                                                                                   |   |                         |   |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURES:                                                              |   |                         |   |   |   |   |   |   |
| Cash paid during the year for:                                                         |   |                         |   |   |   |   |   |   |
| Interest on deposits and borrowings                                                    |   | $                            | 1,006  |   |   | $ | 1,190 |   |
|                                                                                   |   |                         |   |   |   |   |   |   |
| Income taxes                                                                           |   | $                            | --     |   |   | $ | 250 |   |
|                                                                                   |   |                         |   |   |   |   |   |   |
| Non-cash investing and financing transactions:                                         |   |                         |   |   |   |   |   |   |
| Transfer from loans to other real estate                                               |   | $                            | --     |   |   | $ | 257 |   |
|                                                                                   |   |                         |   |   |   |   |   |   |
| Change in unrealized gain on securities available for sale                             |   | $                            | (9     | ) |   | $ | 54 |   |

----

----

----

----

|   Mortgage-backed securities                                                                                                                                                                                                                                                                             |   | AmortizedCost |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | FairValue |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|----------------------|--------|--------|-----------------------|--------|--------|-----------|--------|
|                                                                                                                                                                                                                                                                                                               |   |          |   |   | (In thousands)       |   |   |                  |   |
| March 31, 2011                                                                                                                                                                                                                                                                                                     |   |          |   |   |                 |   |   |                  |   |   |      |   |
| Held to maturity:                                                                                                                                                                                                                                                                                                  |   |          |   |   |                 |   |   |                  |   |   |      |   |
| GNMA Certificates                                                                      |   | $             | 416    |   |                 | $      | 12     |                  |   | $      | --        |   |   | $ | 428 |   |
| FNMA Certificates                                                                      |   |          | 114    |   |                 |   | 2      |                  |   |   | --        |   |   |   | 116 |   |
| FHLMC Certificates                                                                     |   |          | 24     |   |                 |   | --     |                  |   |   | --        |   |   |   | 24 |   |
|                                                                                                                                                                                                                                                                                                               |   |          |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Total held to maturity securities                                                                                                                                                                                                                                                                                  |   |          | 554    |   |                 |   | 14     |                  |   |   | --        |   |   |   | 568 |   |
|                                                                                                                                                                                                                                                                                                               |   |          |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Available-for-sale:                                                                                                                                                                                                                                                                                                |   |          |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| GNMA Certificates                                                                      |   |          | 8,758  |   |                 |   | 272    |                  |   |   | --        |   |   |   | 9,030 |   |
|                                                                                                                                                                                                                                                                                                               |   |          |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Total available-for-sale                                                |   |          | 8,758  |   |                 |   | 272    |                  |   |   | --        |   |   |   | 9,030 |   |
|                                                                                                                                                                                                                                                                                                               |   |          |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Total securities                                                        |   | $             | 9,312  |   |                 | $      | 286    |                  |   | $      | --        |   |   | $ | 9,598 |   |

|   Mortgage-backed securities                                                                                                                                                                                                                                                                             |   | AmortizedCost |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | FairValue |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|----------------------|--------|--------|-----------------------|--------|--------|-----------|--------|
|                                                                                                                                                                                                                                                                                                               |   |          |   |   | (In thousands)       |   |   |                  |   |
| December 31, 2010                                                                                                                                                                                                                                                                                                  |   |          |   |   |                 |   |   |                  |   |   |      |   |
| Held to maturity:                                                                                                                                                                                                                                                                                                  |   |          |   |   |                 |   |   |                  |   |   |      |   |
| GNMA Certificates                                                                      |   | $             | 433    |   |                 | $      | 14     |                  |   | $      | --        |   |   | $ | 447 |   |
| FNMA Certificates                                                                      |   |          | 118    |   |                 |   | 3      |                  |   |   | --        |   |   |   | 121 |   |
| FHLMC Certificates                                                                     |   |          | 26     |   |                 |   | --     |                  |   |   | --        |   |   |   |  26 |   |
|                                                                                                                                                                                                                                                                                                               |   |          |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Total held to maturity securities                                                                                                                                                                                                                                                                                  |   |          | 577    |   |                 |   | 17     |                  |   |   | --        |   |   |   |  594 |   |
|                                                                                                                                                                                                                                                                                                               |   |          |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Available-for-sale:                                                                                                                                                                                                                                                                                                |   |          |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| GNMA Certificates                                                                      |   |          | 8,520  |   |                 |   | 282    |                  |   |   | --        |   |   |   | 8,802 |   |
|                                                                                                                                                                                                                                                                                                               |   |          |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Total available-for-sale                                                |   |          | 8,520  |   |                 |   | 282    |                  |   |   | --        |   |   |   | 8,802 |   |
|                                                                                                                                                                                                                                                                                                               |   |          |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Total securities                                                        |   | $             | 9,097  |   |                 | $      | 299    |                  |   | $      | --        |   |   | $ | 9,396 |   |

----

|                                          |   | Held to Maturity |   |   | Available for Sale |   |
|-----------------------------------------------|--------|------------------|--------|--------|--------------------|--------|
|  Mortgage-backed securities              |   | AmortizedCost    |   |   | FairValue          |   |   | AmortizedCost |   |   | FairValue |   |
|                                          |   | (In thousands)   |   |
| March 31, 2011                                |   |             |   |   |               |   |   |   |   |   |   |   |
| Amounts maturing in:                          |   |             |   |   |               |   |   |   |   |   |   |   |
| After five years through ten  years |   | $                | 212    |   |               | $      | 217 |   |   | $ | 164 |   |   | $ | 173 |   |
| After ten years                               |   |             | 342    |   |               |   | 351 |   |   |   | 8,594 |   |   |   | 8,857 |   |
|                                          |   |             |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   | $                | 554    |   |               | $      | 568 |   |   | $ | 8,758 |   |   | $ | 9,030 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | March 31,2011  |        |   | December 31,2010 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (In thousands) |        |
| Real estate loans:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |           |        |   |             |   |
|    One-to four-family residential                                                                                 |   | $              | 129,962     |   |             | $      | 128,056 |   |
|    Commercial real estate                                                                                         |   |           | 37,710      |   |             |   | 37,050 |   |
|    Multi-family residential                                                                                       |   |           | 5,364       |   |             |   | 5,653 |   |
|    Land                                                                                                           |   |           | 2,894       |   |             |   | 2,743 |   |
|    Home equity lines of credit                                                                                    |   |           | 4,158       |   |             |   | 4,360 |   |
|    Residential construction                                                                                       |   |           |  1,722 |   |             |   | 2,904 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |           |        |   |             |   |   |   |
| Total real estate loans                                                                                                                                                       |   |           | 181,810     |   |             |   | 180,766 |   |
| Other loans:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |           |        |   |             |   |   |   |
| Consumer non-real estate loans                                                                                                                  |   |           | 1,375       |   |             |   | 1,390 |   |
| Commercial business loans                                                                                                                       |   |           | 5           |   |             |   | 6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |           |        |   |             |   |   |   |
| Total other loans                                                                                                                                                             |   |           | 1,380       |   |             |   | 1,396 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |           |        |   |             |   |   |   |
| Total loans                                                                                                                                                                                                           |   |           | 183,190     |   |             |   | 182,162 |   |
| Less:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |           |        |   |             |   |   |   |
| Deferred loan fees                                                                                                                              |   |           | (45         | )      |             |   | (26 | ) |
| Allowance for loan losses                                                                                                                       |   |           | (1,535      | )      |             |   | (1,505 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |           |        |   |             |   |   |   |
| Net loans                                                                                                                                                                                                             |   | $              | 181,610     |   |             | $      | 180,631 |   |

----

|                                                                                   |   | Mortgage-Construction |     |   | Mortgage-Permanent-1 to 4Family |   |             | Mortgage-Permanent-Other |   |   | Commercial |   |   | Consumer |     |   | Total  |   |
|----------------------------------------------------------------------------------------|--------|-----------------------|----------|--------|---------------------------------|--------|------------------|--------------------------|--------|--------|------------|--------|--------|----------|----------|--------|--------|--------|
|                                                                                   |   | (In thousands)        |     |
| March 31, 2011                                                                         |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |
|                                                                                   |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |
| Allowance for credit losses:                                            |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |
| Beginning balance                                                                      |   | $                     | 23       |   |                            | $      | 947              |                     |   | $      | 521        |   |   | $        | --       |   |   | $      | 14 |   |   | $ | 1,505 |   |
|  Charge-offs                                                                      |   |                  | --       |   |                            |   | --               |                     |   |   | --         |   |   |     | --       |   |   |   | -- |   |   |   | -- |   |
|  Recoveries                                                                       |   |                  | --       |   |                            |   | --               |                     |   |   | --         |   |   |     | --       |   |   |   | -- |   |   |   | -- |   |
|  Provision                                                                        |   |                  | (5       | )      |                            |   | 81               |                     |   |   | (46        | )      |   |     | --       |   |   |   | -- |   |   |   | 30 |   |
| Ending balance                                                                         |   | $                     | 18       |   |                            | $      | 1,028            |                     |   | $      | 475        |   |   | $        | --       |   |   | $      | 14 |   |   | $ | 1,535 |   |
|                                                                                   |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |   |   |   |   |   |   |
| Ending balance:                                                                        |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |   |   |   |   |   |   |
|  Individually evaluated for impairment                                            |   | $                     | --       |   |                            | $      | 150              |                     |   | $      | --         |   |   | $        | --       |   |   | $      | -- |   |   | $ | 150 |   |
|                                                                                   |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |   |   |   |   |   |   |
| Ending balance:                                                                        |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |   |   |   |   |   |   |
|  Collectively evaluated for impairment                                            |   | $                     | 18       |   |                            | $      | 878              |                     |   | $      |  475  |   |   | $        | --       |   |   | $      | 14 |   |   | $ | 1,385 |   |
|                                                                                   |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |   |   |   |   |   |   |
| Loans receivable:                                                                      |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |   |   |   |   |   |   |
|  Ending balance                                                                   |   | $                     | 1,722    |   |                            | $      | 129,962          |                     |   | $      | 50,126     |   |   | $        | 5        |   |   | $      | 1,375 |   |   | $ | 183,190 |   |
|                                                                                   |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |   |   |   |   |   |   |
| Ending balance:                                                                        |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |   |   |   |   |   |   |
|          Individually evaluated for impairment |   | $                     |  -- |   |                            | $      |    403 |                     |   | $      |  --   |   |   | $        |  -- |   |   | $      |  -- |   |   | $ |  403 |   |
|                                                                                   |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |   |   |   |   |   |   |
|     Ending balance:                                                     |   |                  |     |   |                            |   |             |                     |   |   |       |   |   |     |     |   |   |   |   |   |   |   |   |   |
|          Collectively evaluated for impairment |   | $                     | 1,722    |   |                            | $      | 129,559          |                     |   | $      | 50,126     |   |   | $        |  5  |   |   | $      | 1,375 |   |   | $ | 182,787 |   |

----

|                                                                                   |   | Mortgage-Construction |   |   | Mortgage-Permanent-1 to 4Family |   |    | Mortgage-Permanent-Other |   |   | Commercial |   |   | Consumer |   |   | Total  |   |
|----------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|---------------------------------|--------|---------|--------------------------|--------|--------|------------|--------|--------|----------|--------|--------|--------|--------|
|                                                                                   |   | (In thousands)        |   |
| December 31, 2010                                                                      |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |
|                                                                                   |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |
| Allowance for credit losses:                                            |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |
| Beginning balance                                                                      |   | $                     | 8      |   |                            | $      | 1,068   |                     |   | $      | 359        |   |   | $        | --     |   |   | $      | 10 |   |   | $ | 1,445 |   |
| Charge-offs                                                                            |   |                  | --     |   |                            |   | (33     | )                        |   |   | --         |   |   |     | --     |   |   |   | -- |   |   |   | (33 | ) |
| Recoveries                                                                             |   |                  | --     |   |                            |   | --      |                     |   |   | --         |   |   |     | --     |   |   |   | -- |   |   |   | -- |   |
| Provision                                                                              |   |                  | 15     |   |                            |   | (88     | )                        |   |   | 162        |   |   |     | --     |   |   |   | 4 |   |   |   | 93 |   |
| Ending balance                                                                         |   | $                     | 23     |   |                            | $      | 947     |                     |   | $      | 521        |   |   | $        | --     |   |   | $      | 14 |   |   | $ | 1,505 |   |
|                                                                                   |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Ending balance:                                                                        |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |
|  Individually evaluated for impairment                                            |   | $                     | --     |   |                            | $      | 100     |                     |   | $      |  50   |   |   | $        | --     |   |   | $      | -- |   |   | $ | 150 |   |
|                                                                                   |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Ending balance:                                                                        |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |
|  Collectively evaluated for impairment                                            |   | $                     | 23     |   |                            | $      | 847     |                     |   | $      |  471  |   |   | $        | --     |   |   | $      | 14 |   |   | $ | 1,355 |   |
|                                                                                   |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |
|      Loans receivable:                                             |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |
|  Ending balance                                                                   |   | $                     | 2,904  |   |                            | $      | 128,056 |                     |   | $      | 49,806     |   |   | $        | 6      |   |   | $      | 1,390 |   |   | $ | 182,162 |   |
|                                                                                   |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |
|      Ending balance:                                               |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |
|          Individually evaluated for impairment |   | $                     | --     |   |                            | $      | 305     |                     |   | $      | 197        |   |   | $        | --     |   |   | $      | -- |   |   | $ | 502 |   |
|                                                                                   |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |
|       Ending balance:                                         |   |                  |   |   |                            |   |    |                     |   |   |       |   |   |     |   |   |   |   |   |   |   |   |   |   |
|          Collectively evaluated for impairment |   | $                     | 2,904  |   |                            | $      | 127,751 |                     |   | $      | 49,609     |   |   | $        | 6      |   |   | $      | 1,390 |   |   | $ | 181,660 |   |

----

|                                                                                                                                                                                                                                                                                                                                             |   | Performing     |    |   | Nonperforming |   |   | Total  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|--------|---------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                             |   | (In thousands) |    |
| March 31, 2011                                                                                                                                                                                                                                                                                                                                   |   |           |    |   |          |   |   |   |   |
| Mortgage Loans:                                                                                                                                                                                                                                                                                                                                  |   |           |    |   |          |   |   |   |   |
| Construction-Residential                                                     |   | $              | 1,722   |   |          | $      | --     |   |   | $ | 1,722 |   |
| Permanent:                                                                                                                                                                                                                                                                                                                                       |   |           |    |   |          |   |   |   |   |   |   |   |
| 1 to 4 Family                                                                               |   |           | 128,369 |   |          |   | 1,593  |   |   |   | 129,962 |   |
| Multifamily                                                                                 |   |           | 5,364   |   |          |   | --     |   |   |   | 5,364 |   |
| Commercial RE                                                                               |   |           | 37,274  |   |          |   | 436    |   |   |   | 37,710 |   |
| Other                                                                                       |   |           | 7,052   |   |          |   | --     |   |   |   | 7,052 |   |
| Nonmortgage Loans:                                                                                                                                                                                                                                                                                                                               |   |           |    |   |          |   |   |   |   |   |   |   |
| Commercial                                                              |   |           | 5       |   |          |   | --     |   |   |   | 5 |   |
| Consumer                                                                |   |           | 1,365   |   |          |   | 10     |   |   |   | 1,375 |   |
| Total                                                                                  |   | $              | 181,151 |   |          | $      | 2,039  |   |   | $ | 183,190 |   |

|                                                                                                                                                                                                                                                                                                                                             |   | Performing     |        |   | Nonperforming |   |   | Total  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|---------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                             |   | (In thousands) |        |
| December 31, 2010                                                                                                                                                                                                                                                                                                                                |   |           |        |   |          |   |   |   |   |
| Mortgage Loans:                                                                                                                                                                                                                                                                                                                                  |   |           |        |   |          |   |   |   |   |
| Construction-Residential                                                     |   | $              |  2,904 |   |          | $      | --     |   |   | $ |  2,904 |   |
| Permanent:                                                                                                                                                                                                                                                                                                                                       |   |           |        |   |          |   |   |   |   |   |   |   |
| 1 to 4 Family                                                                               |   |           | 126,780     |   |          |   | 1,276  |   |   |   | 128,056 |   |
| Multifamily                                                                                 |   |           | 5,653       |   |          |   | --     |   |   |   | 5,653 |   |
| Commercial RE                                                                               |   |           | 37,050      |   |          |   | --     |   |   |   | 37,050 |   |
| Other                                                                                       |   |           | 7,103       |   |          |   | --     |   |   |   | 7,103 |   |
| Nonmortgage Loans:                                                                                                                                                                                                                                                                                                                               |   |           |        |   |          |   |   |   |   |   |   |   |
| Commercial                                                              |   |           | 6           |   |          |   | --     |   |   |   | 6 |   |
| Consumer                                                                |   |           | 1,370       |   |          |   | 20     |   |   |   | 1,390 |   |
| Total                                                                                  |   | $              | 180,866     |   |          | $      | 1,296  |   |   | $ | 182,162 |   |

----

|                                                                |   | 30-59DaysPast Due |    |   | 60-89DaysPast Due |   |     | GreaterThan90 Days |   |   | TotalPast Due |   |   | Current |     |   | TotalLoansReceivable |   |        | RecordedInvestmentOver 90 DaysPast Due andStill Accruing |   |
|---------------------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|----------|--------------------|--------|--------|---------------|--------|--------|---------|----------|--------|----------------------|--------|-------------|----------------------------------------------------------|--------|
|                                                                |   |              |    |   |              |   |     | (In thousands)     |   |   |          |   |   |    |     |
| March 31, 2011Mortgage Loans:                                       |   |              |    |   |              |   |     |               |   |   |          |   |   |    |     |   |                 |   |        |                                                     |   |
|         Construction-Residential |   | $                 | --      |   |              | $      | --       |               |   | $      | --            |   |   | $       | --       |   |                 | $      | 1,722       |                                                     |   | $ | 1,722 |   |   | $ | -- |   |
|      Permanent:                            |   |              |    |   |              |   |     |               |   |   |          |   |   |    |     |   |                 |   |        |                                                     |   |   |   |   |   |   |   |   |
| 1 to 4 Family                                                       |   |              | 1,625   |   |              |   | 1,454    |               |   |   | 1,494         |   |   |    | 4,573    |   |                 |   | 129,547     |                                                     |   |   | 134,120 |   |   |   | 1,190 |   |
| Multifamily                                                         |   |              | --      |   |              |   | --       |               |   |   | --            |   |   |    | --       |   |                 |   | 5,364       |                                                     |   |   | 5,364 |   |   |   | -- |   |
| Commercial RE                                                       |   |              | 262     |   |              |   | 1,860    |               |   |   | 436           |   |   |    | 2,558    |   |                 |   | 35,152      |                                                     |   |   | 37,710 |   |   |   | 436 |   |
| Other                                                               |   |              | --      |   |              |   | 61       |               |   |   | --            |   |   |    | 61       |   |                 |   | 2,833       |                                                     |   |   | 2,894 |   |   |   | -- |   |
| Nonmortgage Loans:                                                  |   |              |    |   |              |   |     |               |   |   |          |   |   |    |     |   |                 |   |        |                                                     |   |   |   |   |   |   |   |   |
| Commercial                                                          |   |              | --      |   |              |   | --       |               |   |   | --            |   |   |    | --       |   |                 |   | 5           |                                                     |   |   | 5 |   |   |   | -- |   |
| Consumer                                                            |   |              |  4 |   |              |   |  -- |               |   |   |  10      |   |   |    |  14 |   |                 |   |  1,361 |                                                     |   |   |  1,375 |   |   |   |  10 |   |
|                                                                |   |              |    |   |              |   |     |               |   |   |          |   |   |    |     |   |                 |   |        |                                                     |   |   |   |   |   |   |   |   |
| Total                                                               |   | $                 | 1,891   |   |              | $      | 3,375    |               |   | $      | 1,940         |   |   | $       | 7,206    |   |                 | $      | 175,984     |                                                     |   | $ | 183,190 |   |   | $ | 1,636 |   |

|                                                          |   | 30-59DaysPast Due |    |   | 60-89DaysPast Due |   |   | GreaterThan90 Days |   |   | TotalPast Due |   |   | Current |   |   | TotalLoansReceivable |   |    | RecordedInvestmentOver 90 DaysPast Due andStill Accruing |   |
|---------------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|--------|--------------------|--------|--------|---------------|--------|--------|---------|--------|--------|----------------------|--------|---------|----------------------------------------------------------|--------|
|                                                          |   |              |    |   |              |   |   | (In thousands)     |   |   |          |   |   |    |   |
| December 31, 2010Mortgage Loans:                              |   |              |    |   |              |   |   |               |   |   |          |   |   |    |   |   |                 |   |    |                                                     |   |
|        Construction-Residential |   | $                 | --      |   |              | $      | --     |               |   | $      | --            |   |   | $       | --     |   |                 | $      | 2,904   |                                                     |   | $ | 2,904 |   |   | $ | -- |   |
|      Permanent:                      |   |              |    |   |              |   |   |               |   |   |          |   |   |    |   |   |                 |   |    |                                                     |   |   |   |   |   |   |   |   |
| 1 to 4 Family                                                 |   |              | 1,559   |   |              |   | 978    |               |   |   | 1,276         |   |   |    | 3,813  |   |                 |   | 124,243 |                                                     |   |   | 128,056 |   |   |   | 1,098 |   |
| Multifamily                                                   |   |              | --      |   |              |   | --     |               |   |   | --            |   |   |    | --     |   |                 |   | 5,653   |                                                     |   |   | 5,653 |   |   |   | -- |   |
| Commercial RE                                                 |   |              | --      |   |              |   | 462    |               |   |   | --            |   |   |    | 462    |   |                 |   | 36,588  |                                                     |   |   | 37,050 |   |   |   | -- |   |
| Other                                                         |   |              | --      |   |              |   | 62     |               |   |   | --            |   |   |    | 62     |   |                 |   | 7,041   |                                                     |   |   | 7,103 |   |   |   | -- |   |
| Nonmortgage Loans:                                            |   |              |    |   |              |   |   |               |   |   |          |   |   |    |   |   |                 |   |    |                                                     |   |   |   |   |   |   |   |   |
| Commercial                                                    |   |              | --      |   |              |   | --     |               |   |   | --            |   |   |    | --     |   |                 |   | 6       |                                                     |   |   | 6 |   |   |   | -- |   |
| Consumer                                                      |   |              |  5 |   |              |   | --     |               |   |   | 20            |   |   |    | 25     |   |                 |   | 1,365   |                                                     |   |   | 1,390 |   |   |   | 20 |   |
|                                                          |   |              |    |   |              |   |   |               |   |   |          |   |   |    |   |   |                 |   |    |                                                     |   |   |   |   |   |   |   |   |
| Total                                                         |   | $                 | 1,564   |   |              | $      | 1,502  |               |   | $      | 1,296         |   |   | $       | 4,362  |   |                 | $      | 177,800 |                                                     |   | $ | 182,162 |   |   | $ | 1,118 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | March 31, 2011 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (In thousands) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |           |   |
| Mortgage Loans                                                                                                                                        |   | $              | 403    |   |
|      Permanent, Secured  by 1 to 4 Family                                                                          |   |           |   |   |
| Total                                                                                                                                                 |   | $              | 403    |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | December 31, 2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (In thousands)    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |              |   |
| Mortgage Loans                                                                                                                                        |   | $                 | 178    |   |
|      Permanent, Secured  by 1 to 4 Family                                                                          |   |              |   |   |
| Total                                                                                                                                                 |   | $                 | 178    |   |

----

|                             |   | RecordedInvestment |   |   | UnpaidPrincipalBalance |   |   | RelatedAllowance |   |   | AverageRecordedInvestment |   |   | InterestIncomeRecognized |   |
|----------------------------------|--------|--------------------|--------|--------|------------------------|--------|--------|------------------|--------|--------|---------------------------|--------|--------|--------------------------|--------|
|                             |   | (In thousands)     |   |
| March 31, 2011                   |   |               |   |   |                   |   |   |             |   |   |                      |   |   |                     |   |
| With an allowance recorded:      |   |               |   |   |                   |   |   |             |   |   |                      |   |   |                     |   |
| Mortgage Loans:                  |   |               |   |   |                   |   |   |             |   |   |                      |   |   |                     |   |
| Construction – Residential |   | $                  | --     |   |                   | $      | --     |             |   | $      | --                        |   |   | $                        | --     |   |   | $ | -- |   |
| Permanent, Secured by:           |   |               |   |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| 1-4 Family                       |   |               | 403    |   |                   |   | 403    |             |   |   | 150                       |   |   |                     | 337    |   |   |   | 2 |   |
| Multifamily                      |   |               | --     |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
| Commercial RE                    |   |               | --     |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
| Other                            |   |               | --     |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
| Nonmortgage Loans:               |   |               |   |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| Commercial                       |   |               | --     |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
| Consumer                         |   |               | --     |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
|                             |   |               |   |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| Total:                           |   |               |   |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| Mortgage Loans:                  |   |               |   |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| Construction                     |   |               | --     |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
| Permanent                        |   |               | 403    |   |                   |   | 403    |             |   |   | 150                       |   |   |                     | 337    |   |   |   | 2 |   |
| Nonmortgage Loans:               |   |               |   |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| Commercial                       |   |               | --     |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
| Consumer                         |   |               | --     |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
|                             |   | $                  | 403    |   |                   | $      | 403    |             |   | $      | 150                       |   |   | $                        | 337    |   |   | $ | 2 |   |

----

|                                                                                                                                                                                                                                                                                                     |   | RecordedInvestment |     |   | UnpaidPrincipalBalance |   |   | RelatedAllowance |   |   | AverageRecordedInvestment |   |   | InterestIncomeRecognized |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|------------------------|--------|--------|------------------|--------|--------|---------------------------|--------|--------|--------------------------|--------|
|                                                                                                                                                                                                                                                                                                     |   | (In thousands)     |     |
| December 31, 2010                                                                                                                                                                                                                                                                                        |   |               |     |   |                   |   |   |             |   |   |                      |   |   |                     |   |
| With an allowance recorded:                                                                                                                                                                                                                                                                              |   |               |     |   |                   |   |   |             |   |   |                      |   |   |                     |   |
| Mortgage Loans:                                                                                                                                                                                                                                                                                          |   |               |     |   |                   |   |   |             |   |   |                      |   |   |                     |   |
| Construction – Residential                                             |   | $                  | --       |   |                   | $      | --     |             |   | $      | --                        |   |   | $                        | --     |   |   | $ | -- |   |
| Permanent, Secured by:                                                                                                                                                                                                                                                                                   |   |               |     |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| 1-4 Family                                                                                       |   |               | 305      |   |                   |   | 305    |             |   |   | 100                       |   |   |                     | 305    |   |   |   | 6 |   |
| Multifamily                                                                                      |   |               | 197      |   |                   |   | 197    |             |   |   | 50                        |   |   |                     | 198    |   |   |   | 5 |   |
| Commercial RE                                                                                    |   |               | --       |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
| Other                                                                                            |   |               | --       |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
| Nonmortgage Loans:                                                                                                                                                                                                                                                                                       |   |               |     |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| Commercial                                                                   |   |               | --       |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
| Consumer                                                                     |   |               | --       |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
|                                                                                                                                                                                                                                                                                                     |   |               |     |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| Total:                                                                                                                                                                                                                                                                                                   |   |               |     |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| Mortgage Loans:                                                                                                                                                                                                                                                                                          |   |               |     |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| Construction                                                                 |   |               | --       |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
| Permanent                                                                    |   |               | 502      |   |                   |   | 502    |             |   |   | 150                       |   |   |                     | 503    |   |   |   | 11 |   |
| Nonmortgage Loans:                                                                                                                                                                                                                                                                                       |   |               |     |   |                   |   |   |             |   |   |                      |   |   |                     |   |   |   |   |   |   |
| Commercial                                                                   |   |               | --       |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
| Consumer                                                                     |   |               |  -- |   |                   |   | --     |             |   |   | --                        |   |   |                     | --     |   |   |   | -- |   |
|                                                                                                                                                                                                                                                                                                     |   | $                  | 502      |   |                   | $      | 502    |             |   | $      | 150                       |   |   | $                        | 503    |   |   | $ | 11 |   |

|   | ● | Level 1 — Includes the most reliable sources, and includes quoted prices in active markets for identical assets or liabilities. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Level 2 — Includes observable inputs. Observable inputs include inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates) as well as inputs that are derived principally from or corroborated by observable market data by correlation or other means (market- corroborated inputs). |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ● | Level 3 — Includes unobservable inputs and should be used only when observable inputs are unavailable. |
|--------|---------|--------------------------------------------------------------------------------------------------------------|

|                       |   |           |   |
|----------------------------|--------|----------------|--------|
|                       |   |           |   |   | Fair Value at Reporting Date Using |   |
|                       |   | FairValue      |   |   | Quoted Prices inActive MarketsFor Identical Assets(Level 1) |   |   | Significant OtherObservable Inputs(Level 2) |   |   | SignificantUnobservableInputs(Level 3) |   |
|                       |   | (In thousands) |   |
| March 31, 2011             |   |           |   |   |   |   |   |   |   |   |   |   |
| Available-for-sale:        |   |           |   |   |   |   |   |   |   |   |   |   |
| Mortgage Backed Securities |   | $              | 9,030  |   |   | $ | -- |   |   | $ | 9,030 |   |   | $ | -- |   |

|                       |   |           |   |   | Fair Value at Reporting Date Using                          |   |
|----------------------------|--------|----------------|--------|--------|-------------------------------------------------------------|--------|
|                       |   | FairValue      |   |   | Quoted Prices inActive MarketsFor Identical Assets(Level 1) |   |   | Significant OtherObservable Inputs(Level 2) |   |   | SignificantUnobservableInputs(Level 3) |   |
|                       |   | (In thousands) |   |
| December 31, 2010          |   |           |   |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Available-for-sale:        |   |           |   |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage Backed Securities |   | $              | 8,802  |   |                                                        | $      | -- |   |   | $ | 8,802 |   |   | $ | -- |   |

----

|               |   |           |   |
|--------------------|--------|----------------|--------|
|               |   |           |   |   | Fair Value at Reporting Date Using |   |
|               |   | FairValue      |   |   | Quoted Prices inActive MarketsFor Identical Assets(Level 1) |   |   | Significant OtherObservable Inputs(Level 2) |   |   | SignificantUnobservableInputs(Level 3) |   |
|               |   | (In thousands) |   |
| March 31, 2011     |   |           |   |   |   |   |   |   |   |   |   |   |
| Assets             |   |           |   |   |   |   |   |   |   |   |   |   |
| Impaired Loans     |   | $              | 253    |   |   | $ | -- |   |   | $ | 253 |   |   | $ | -- |   |
| Repossessed Assets |   |           | 167    |   |   |   | -- |   |   |   | 167 |   |   |   | -- |   |
| Total              |   | $              | 420    |   |   | $ | -- |   |   | $ | 420 |   |   | $ | -- |   |

|               |   |           |   |   | Fair Value at Reporting Date Using                          |   |
|--------------------|--------|----------------|--------|--------|-------------------------------------------------------------|--------|
|               |   | FairValue      |   |   | Quoted Prices inActive MarketsFor Identical Assets(Level 1) |   |   | Significant OtherObservable Inputs(Level 2) |   |   | SignificantUnobservableInputs(Level 3) |   |
|               |   | (In thousands) |   |
| December 31, 2010  |   |           |   |   |                                                        |   |   |   |   |   |   |   |
| Assets             |   |           |   |   |                                                        |   |   |   |   |   |   |   |
| Impaired Loans     |   | $              | 352    |   |                                                        | $      | -- |   |   | $ | 352 |   |   | $ | -- |   |
| Repossessed Assets |   |           | 167    |   |                                                        |   | -- |   |   |   | 167 |   |   |   | -- |   |
| Total              |   | $              | 519    |   |                                                        | $      | -- |   |   | $ | 519 |   |   | $ | -- |   |

----

----

|                            |   | March 31, 2011 |    |   | December 31, 2010 |   |
|---------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                            |   | CarryingAmount |    |   | FairValue         |   |   | CarryingAmount |   |   | FairValue |   |
|                            |   | (In thousands) |    |
| Financial Assets:               |   |           |    |   |              |   |   |   |   |   |   |   |
| Cash and Short-Term Investments |   | $              | 10,312  |   |              | $      | 10,312 |   |   | $ | 7,031 |   |   | $ | 7,031 |   |
| Securities                      |   |           | 10,946  |   |              |   | 10,960 |   |   |   | 10,740 |   |   |   | 10,757 |   |
| Loans – Net               |   |           | 181,610 |   |              |   | 181,000 |   |   |   | 180,631 |   |   |   | 181,000 |   |
|                            |   |           |    |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Financial Liabilities:          |   |           |    |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                        |   |           | 165,099 |   |              |   | 164,000 |   |   |   | 159,130 |   |   |   | 158,000 |   |
| FHLB Borrowings                 |   |           | 25,703  |   |              |   | 26,000 |   |   |   | 26,483 |   |   |   | 27,000 |   |

----

----

----

----

----

|                                                                                           |           | Three Months Ended March 31, |    |
|------------------------------------------------------------------------------------------------|----------------|------------------------------|---------|
|                                                                                           |           | 2011                         |    |   | 2010 |   |
|                                                                                           | AverageBalance |                         |    | Interest |   |   | AverageYield/Rate |   |   | AverageBalance |   |   | Interest |   |   | AverageYield/Rate |   |
|                                                                                           |           |                         |    |   |   |   |   | (Dollars in thousands) |   |   |   |   |   |   |   |
| Interest-earning assets:                                                                       |           |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Loans receivable(1)                                              |           | $                            | 181,172 |   |   | $ | 2,663 |   |   |   | 5.88 | % |   | $ | 183,089 |   |   | $ | 2,872 |   |   |   | 6.27 | % |
|      Mortgage-backed securities                                       |           |                         | 9,349   |   |   |   | 54 |   |   |   | 2.31 | % |   |   | 8,377 |   |   |   | 75 |   |   |   | 3.58 | % |
|      Other interest-earning assets                                    |           |                         | 7,584   |   |   |   | 2 |   |   |   | 0.11 | % |   |   | 10,483 |   |   |   | 5 |   |   |   | 0.19 | % |
|           Total interest-earning assets      |           |                         | 198,105 |   |   |   | 2,719 |   |   |   | 5.49 | % |   |   | 201,949 |   |   |   | 2,952 |   |   |   | 5.85 | % |
| Non-interest-earning assets                                                                    |           |                         | 14,212  |   |   |   |   |   |   |   |   |   |   |   | 11,745 |   |   |   |   |   |   |   |   |   |
|           Total assets                       |           | $                            | 212,317 |   |   |   |   |   |   |   |   |   |   | $ | 213,694 |   |   |   |   |   |   |   |   |   |
|                                                                                           |           |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                                                                  |           |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Savings, NOW and money market accounts                                                   |           | $                            | 45,143  |   |   |   | 70 |   |   |   | 0.62 | % |   | $ | 36,083 |   |   |   | 81 |   |   |   | 0.90 | % |
|      Certificates of deposit                                          |           |                         | 114,641 |   |   |   | 610 |   |   |   | 2.13 | % |   |   | 108,669 |   |   |   | 660 |   |   |   | 2.43 | % |
|           Total deposits                     |           |                         | 159,784 |   |   |   | 680 |   |   |   | 1.70 | % |   |   | 144,752 |   |   |   | 741 |   |   |   | 2.05 | % |
|      FHLB advances                                                    |           |                         | 25,963  |   |   |   | 240 |   |   |   | 3.70 | % |   |   | 43,731 |   |   |   | 430 |   |   |   | 3.93 | % |
|           Total interest-bearing liabilities |           |                         | 185,747 |   |   |   | 920 |   |   |   | 1.98 | % |   |   | 188,483 |   |   |   | 1,171 |   |   |   | 2.49 | % |
| Non-interest-bearing liabilities                                                               |           |                         | 5,131   |   |   |   |   |   |   |   |   |   |   |   | 4,840 |   |   |   |   |   |   |   |   |   |
|           Total liabilities                  |           |                         | 190,878 |   |   |   |   |   |   |   |   |   |   |   | 193,323 |   |   |   |   |   |   |   |   |   |
|                                                                                           |           |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                                                                                         |           |                         | 21,439  |   |   |   |   |   |   |   |   |   |   |   | 20,371 |   |   |   |   |   |   |   |   |   |
|           Total liabilities and equity       |           | $                            | 212,317 |   |   |   |   |   |   |   |   |   |   | $ | 213,694 |   |   |   |   |   |   |   |   |   |
|                                                                                           |           |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest-earning assets                                                                    |           | $                            | 12,358  |   |   |   |   |   |   |   |   |   |   | $ | 13,466 |   |   |   |   |   |   |   |   |   |
|                                                                                           |           |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income, average interest rate spread                                              |           |                         |    |   |   | $ | 1,799 |   |   |   | 3.51 | % |   |   |   |   |   | $ | 1,781 |   |   |   | 3.36 | % |
|                                                                                           |           |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest margin(2)                                                                         |           |                         |    |   |   |   |   |   |   |   | 3.63 | % |   |   |   |   |   |   |   |   |   |   | 3.53 | % |
|                                                                                           |           |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average interest earning assets to average   interest bearing liabilities       |           |                         |    |   |   |   |   |   |   |   | 106.65 | % |   |   |   |   |   |   |   |   |   |   | 107.14 | % |

----

| (1) | Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts, loans in process and allowance for loan losses. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Equals net interest income divided by average interest-earning assets. |
|-----|------------------------------------------------------------------------|

----

----

----

----

| No.  |   | Description                                                           |
|------|--------|-----------------------------------------------------------------------|
| 31.1 |   | Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer |
| 31.2 |   | Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer |
| 32.1 |   | Section 1350 Certification                                            |

----

|                           | STATE INVESTORS BANCORP, INC.  |
|--------------------------------|-------------------------------------|
| Date:  June 24, 2011 | By:                                 | /s/Anthony S. Sciortino |
|                           |                                | Anthony S. Sciortino |
|                           |                                | President and Chief Executive Officer |

| Date:  June 24, 2011 | By:    | /s/Daniel McGowan       |
|--------------------------------|--------|-------------------------|
|                           |   | Daniel McGowan          |
|                           |   | Chief Financial Officer |