----

----

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

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

| Federal                                                        | 20-2107839                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

| 2 East Main Street, Georgetown, MA      | 01833      |
|-----------------------------------------|------------|
| (Address of principal executive office) | (Zip Code) |

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

----

----

----

F

| Part I.  Financial Information | Page   |
|------------------------------------------|--------|
|                                     |   |   |   |
| Item 1:                                  |   | Financial Statements (Unaudited) |   |
|                                     |   |   |   |
|                                     |   | Consolidated Statements of Financial Condition |   |
|                                     |   | at September 30, 2010 and June 30, 2010 | 1 |
|                                     |   |   |   |
|                                     |   | Consolidated Statements of Income for the Three |   |
|                                     |   | Months Ended September 30, 2010 and 2009 | 2 |
|                                     |   |   |   |
|                                     |   | Consolidated Statements of Changes in Stockholders’ |   |
|                                     |   | Equity for the Three Months Ended September 30, 2010 and 2009 | 3 |
|                                     |   |   |   |
|                                     |   | Consolidated Statements of Cash Flows for the |   |
|                                     |   | Three Months Ended September 30, 2010 and 2009 | 4 |
|                                     |   |   |   |
|                                     |   | Notes to Consolidated Financial Statements | 6 |
|                                     |   |   |   |
| Item 2:                                  |   | Management’s Discussion and Analysis of Financial Condition and Results of | 15 |
|                                     |   | Operations |   |
|                                     |   |   |   |
| Item 3:                                  |   | Quantitative and Qualitative Disclosures About Market Risk | 23 |
|                                     |   |   |   |
| Item 4:                                  |   | Controls and Procedures | 23 |
|                                     |   |   |   |
| Part II. Other Information               |   |
|                                     |   |   |   |
| Item 1:                                  |   | Legal Proceedings | 24 |
| Item 1A:                                 |   | Risk Factors | 24 |
| Item 2:                                  |   | Unregistered Sales of Equity Securities and Use of Proceeds | 24 |
| Item 3:                                  |   | Defaults upon Senior Securities | 24 |
| Item 4:                                  |   | [Removed and Reserved] | 24 |
| Item 5:                                  |   | Other Information | 24 |
| Item 6:                                  |   | Exhibits | 24 |
|                                     |   |   |   |
| SIGNATURES                               | 25     |

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Table of Contents

I

E

|                                                                                     |   | At             |    |   | At       |   |
|------------------------------------------------------------------------------------------|--------|----------------|---------|--------|----------|--------|
|                                                                                     |   | September 30,  |    |   | June 30, |   |
|                                                                                     |   | 2010           |    |   | 2010     |   |
|                                                                                     |   | (In thousands) |    |
|                                                                                     |   |           |    |   |     |   |
| Cash and due from banks                                                                  |   | $              | 2,422   |   |     | $      | 3,879 |   |
| Short-term investments                                                                   |   |           | 2,997   |   |     |   | 3,461 |   |
| Total cash and cash equivalents                                                          |   |           | 5,419   |   |     |   | 7,340 |   |
|                                                                                     |   |           |    |   |     |   |   |   |
| Securities available for sale, at fair value                                             |   |           | 8,001   |   |     |   | 10,925 |   |
| Securities held to maturity, at amortized cost                                           |   |           | 3,451   |   |     |   | 3,718 |   |
| Federal Home Loan Bank stock, at cost                                                    |   |           | 3,111   |   |     |   | 3,111 |   |
| Loans held for sale                                                                      |   |           | 1,294   |   |     |   | 1,559 |   |
| Loans, net of allowance for loan losses of $1,682,000                                    |   |           |    |   |     |   |   |   |
| at September 30, 2010 and $1,676,000 at June 30, 2010                                    |   |           | 178,076 |   |     |   | 175,867 |   |
| Premises and equipment, net                                                              |   |           | 3,958   |   |     |   | 4,017 |   |
| Accrued interest receivable                                                              |   |           | 789     |   |     |   | 794 |   |
| Bank-owned life insurance                                                                |   |           | 2,572   |   |     |   | 2,546 |   |
| Prepaid FDIC insurance                                                                   |   |           | 562     |   |     |   | 610 |   |
| Other assets                                                                             |   |           | 1,009   |   |     |   | 1,058 |   |
|                                                                                     |   |           |    |   |     |   |   |   |
| Total assets                                                                             |   | $              | 208,242 |   |     | $      | 211,545 |   |
|                                                                                     |   |           |    |   |     |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                     |   |
|                                                                                     |   |           |    |   |     |   |   |   |
| Deposits                                                                                 |   | $              | 155,146 |   |     | $      | 147,286 |   |
| Securities sold under agreements to repurchase                                           |   |           | 591     |   |     |   | 407 |   |
| Short-term Federal Home Loan Bank advances                                               |   |           | 2,000   |   |     |   | 7,250 |   |
| Long-term Federal Home Loan Bank advances                                                |   |           | 29,697  |   |     |   | 35,711 |   |
| Mortgagors' escrow accounts                                                              |   |           | 551     |   |     |   | 455 |   |
| Accrued expenses and other liabilities                                                   |   |           | 1,517   |   |     |   | 2,068 |   |
| Total liabilities                                                                        |   |           | 189,502 |   |     |   | 193,177 |   |
|                                                                                     |   |           |    |   |     |   |   |   |
| Commitments and contingencies                                                            |   |           |    |   |     |   |   |   |
|                                                                                     |   |           |    |   |     |   |   |   |
| Stockholders' equity:                                                                    |   |           |    |   |     |   |   |   |
| Preferred stock, $0.10 par value per share:  1,000,000                         |   |           |    |   |     |   |   |   |
| shares authorized; none outstanding                                                      |   |           | -       |   |     |   | - |   |
| Common stock, $0.10 par value per share: 10,000,000                                      |   |           |    |   |     |   |   |   |
| shares authorized; 2,777,250 shares issued                                               |   |           | 278     |   |     |   | 278 |   |
| Additional paid-in capital                                                               |   |           | 11,430  |   |     |   | 11,438 |   |
| Retained earnings                                                                        |   |           | 8,532   |   |     |   | 8,167 |   |
| Accumulated other comprehensive income                                                   |   |           | 179     |   |     |   | 193 |   |
| Unearned compensation - ESOP (38,838 and 40,886 shares unallocated                       |   |           |    |   |     |   |   |   |
| at September 30, 2010 and June 30, 2010, respectively)                                   |   |           | (388    | )      |     |   | (409 | ) |
| Unearned compensation - Restricted stock  (24,000  shares non-vested |   |           |    |   |     |   |   |   |
| at September 30, 2010 and June 30, 2010)                                                 |   |           | (107    | )      |     |   | (115 | ) |
| Treasury stock, at cost (138,863 shares)                                                 |   |           | (1,184  | )      |     |   | (1,184 | ) |
| Total stockholders' equity                                                               |   |           | 18,740  |   |     |   | 18,368 |   |
|                                                                                     |   |           |    |   |     |   |   |   |
| Total liabilities and stockholders' equity                                               |   | $              | 208,242 |   |     | $      | 211,545 |   |

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Table of Contents

GE

|                                                  |   | Three Months Ended                |      |
|-------------------------------------------------------|--------|-----------------------------------|-----------|
|                                                  |   | September 30,                     |      |
|                                                  |   | 2010                              |      |   | 2009 |   |
|                                                  |   | (In thousands, except share data) |      |
|                                                  |   |                              |      |
| Interest and dividend income:                         |   |                              |      |   |   |   |
| Loans, including fees                                 |   | $                                 | 2,702     |   |   | $ | 2,460 |   |
| Securities                                            |   |                              | 127       |   |   |   | 152 |   |
| Short-term investments                                |   |                              | 1         |   |   |   | - |   |
| Total interest and dividend income                    |   |                              | 2,830     |   |   |   | 2,612 |   |
|                                                  |   |                              |      |   |   |   |   |   |
| Interest expense:                                     |   |                              |      |   |   |   |   |   |
| Deposits                                              |   |                              | 537       |   |   |   | 616 |   |
| Short-term Federal Home Loan Bank advances            |   |                              | 3         |   |   |   | - |   |
| Long-term Federal Home Loan Bank advances             |   |                              | 316       |   |   |   | 414 |   |
| Securities sold under agreements to repurchase        |   |                              | 1         |   |   |   | 1 |   |
| Total interest expense                                |   |                              | 857       |   |   |   | 1,031 |   |
|                                                  |   |                              |      |   |   |   |   |   |
| Net interest income                                   |   |                              | 1,973     |   |   |   | 1,581 |   |
| Provision for loan losses                             |   |                              | 23        |   |   |   | 33 |   |
| Net interest income, after provision for loan losses  |   |                              | 1,950     |   |   |   | 1,548 |   |
|                                                  |   |                              |      |   |   |   |   |   |
| Non-interest income:                                  |   |                              |      |   |   |   |   |   |
| Customer service fees                                 |   |                              | 157       |   |   |   | 166 |   |
| Mortgage banking income, net                          |   |                              | 125       |   |   |   | 88 |   |
| Income (loss) from bank-owned life insurance          |   |                              | 26        |   |   |   | (15 | ) |
| Total non-interest income                             |   |                              | 308       |   |   |   | 239 |   |
|                                                  |   |                              |      |   |   |   |   |   |
| Non-interest expenses:                                |   |                              |      |   |   |   |   |   |
| Salaries and employee benefits                        |   |                              | 901       |   |   |   | 837 |   |
| Occupancy and equipment expenses                      |   |                              | 185       |   |   |   | 190 |   |
| Data processing expenses                              |   |                              | 115       |   |   |   | 102 |   |
| Professional fees                                     |   |                              | 98        |   |   |   | 109 |   |
| Advertising expenses                                  |   |                              | 75        |   |   |   | 46 |   |
| FDIC insurance                                        |   |                              | 58        |   |   |   | 49 |   |
| Other general and administrative expenses             |   |                              | 244       |   |   |   | 195 |   |
| Total non-interest expenses                           |   |                              | 1,676     |   |   |   | 1,528 |   |
|                                                  |   |                              |      |   |   |   |   |   |
| Income before income taxes                            |   |                              | 582       |   |   |   | 259 |   |
|                                                  |   |                              |      |   |   |   |   |   |
| Income tax provision                                  |   |                              | 217       |   |   |   | 101 |   |
|                                                  |   |                              |      |   |   |   |   |   |
| Net income                                            |   | $                                 | 365       |   |   | $ | 158 |   |
|                                                  |   |                              |      |   |   |   |   |   |
| Weighted-average number of common shares outstanding: |   |                              |      |   |   |   |   |   |
| Basic and diluted                                     |   |                              | 2,622,199 |   |   |   | 2,590,007 |   |
|                                                  |   |                              |      |   |   |   |   |   |
| Earnings per share:                                   |   |                              |      |   |   |   |   |   |
| Basic and diluted                                     |   | $                                 | 0.14      |   |   | $ | 0.06 |   |

----

Table of Contents

GE

|                                        |   | CommonStock    |   |   | AdditionalPaid-inCapital |   |   | RetainedEarnings |   |   | AccumulatedOtherComprehensiveIncome (Loss) |   |   | UnearnedCompensation-ESOP |   |   | UnearnedCompensation-Restricted Stock |   |   | TreasuryStock |   |   | Total  |   |
|---------------------------------------------|--------|----------------|--------|--------|--------------------------|--------|--------|------------------|--------|--------|--------------------------------------------|--------|--------|---------------------------|--------|--------|---------------------------------------|--------|--------|---------------|--------|--------|--------|--------|
|                                        |   | (In thousands) |   |
|                                        |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |
| Balance at June 30, 2009                    |   | $              | 278    |   |                     | $      | 11,350 |             |   | $      | 7,228                                      |   |   | $                         | 136    |   |                                  | $      | (491   | )             |   |   | -      |   |   | $ | (1,184 | ) |   | $ | 17,317 |   |
|                                        |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income:                       |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                  |   |           | -      |   |                     |   | -      |             |   |   | 158                                        |   |   |                      | -      |   |                                  |   | -      |          |   |   | -      |   |   |   | - |   |   |   | 158 |   |
| Net unrealized gain on securities           |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| available for sale, net of related          |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| tax effects of $33,000                      |   |           | -      |   |                     |   | -      |             |   |   | -                                          |   |   |                      | 60     |   |                                  |   | -      |          |   |   | -      |   |   |   | - |   |   |   | 60 |   |
| Total comprehensive income                  |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   | 218 |   |
|                                        |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock held by ESOP allocated or      |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| committed to be allocated (2,048 shares)    |   |           | -      |   |                     |   | (11    | )                |   |   | -                                          |   |   |                      | -      |   |                                  |   | 21     |          |   |   | -      |   |   |   | - |   |   |   | 10 |   |
|                                        |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2009               |   | $              | 278    |   |                     | $      | 11,339 |             |   | $      | 7,386                                      |   |   | $                         | 196    |   |                                  | $      | (470   | )             |   | $      | -      |   |   | $ | (1,184 | ) |   | $ | 17,545 |   |
|                                        |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2010                    |   | $              | 278    |   |                     | $      | 11,438 |             |   | $      | 8,167                                      |   |   | $                         | 193    |   |                                  | $      | (409   | )             |   | $      | (115   | )      |   | $ | (1,184 | ) |   | $ | 18,368 |   |
|                                        |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income:                       |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                  |   |           | -      |   |                     |   | -      |             |   |   | 365                                        |   |   |                      | -      |   |                                  |   | -      |          |   |   | -      |   |   |   | - |   |   |   | 365 |   |
| Net unrealized loss on securities           |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| available for sale, net of related          |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| tax effects of $7,000                       |   |           | -      |   |                     |   | -      |             |   |   | -                                          |   |   |                      | (14    | )      |                                  |   | -      |          |   |   | -      |   |   |   | - |   |   |   | (14 | ) |
| Total comprehensive income                  |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   | 351 |   |
|                                        |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock held by ESOP allocated or      |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| committed to be allocated (2,048 shares)    |   |           | -      |   |                     |   | (11    | )                |   |   | -                                          |   |   |                      | -      |   |                                  |   | 21     |          |   |   | -      |   |   |   | - |   |   |   | 10 |   |
|                                        |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Share based compensation - options          |   |           | -      |   |                     |   | 3      |             |   |   | -                                          |   |   |                      | -      |   |                                  |   | -      |          |   |   | -      |   |   |   | - |   |   |   | 3 |   |
|                                        |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Share based compensation - restricted stock |   |           | -      |   |                     |   | -      |             |   |   | -                                          |   |   |                      | -      |   |                                  |   | -      |          |   |   | 8      |   |   |   | - |   |   |   | 8 |   |
|                                        |   |           |   |   |                     |   |   |             |   |   |                                       |   |   |                      |   |   |                                  |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at September 30, 2010               |   | $              | 278    |   |                     | $      | 11,430 |             |   | $      | 8,532                                      |   |   | $                         | 179    |   |                                  | $      | (388   | )             |   | $      | (107   | )      |   | $ | (1,184 | ) |   | $ | 18,740 |   |

----

Table of Contents

GE

|                                                  |   | Three Months Ended |    |
|-------------------------------------------------------|--------|--------------------|---------|
|                                                  |   | September 30,      |    |
|                                                  |   | 2010               |    |   | 2009 |   |
|                                                  |   | (In thousands)     |    |
| Cash flows from operating activities:                 |   |               |    |   |   |   |
| Net income                                            |   | $                  | 365     |   |   | $ | 158 |   |
| Adjustments to reconcile net income to net cash       |   |               |    |   |   |   |   |   |
| used by operating activities:                         |   |               |    |   |   |   |   |   |
| Provision for loan losses                             |   |               | 23      |   |   |   | 33 |   |
| Accretion of securities, net                          |   |               | (5      | ) |   |   | (7 | ) |
| Amortization of deferred loan fees and costs, net     |   |               | (26     | ) |   |   | - |   |
| Depreciation and amortization expense                 |   |               | 74      |   |   |   | 87 |   |
| Decrease in accrued interest receivable               |   |               | 5       |   |   |   | 21 |   |
| (Income) loss from bank-owned life insurance          |   |               | (26     | ) |   |   | 15 |   |
| Stock-based compensation expense                      |   |               | 21      |   |   |   | 10 |   |
| Loans originated for sale                             |   |               | (13,427 | ) |   |   | (4,066 | ) |
| Principal balance of loans sold                       |   |               | 13,680  |   |   |   | 4,138 |   |
| Prepaid FDIC insurance                                |   |               | 48      |   |   |   | - |   |
| Net change in other assets and liabilities            |   |               | (483    | ) |   |   | (198 | ) |
| Net cash provided by operating activities             |   |               | 249     |   |   |   | 191 |   |
|                                                  |   |               |    |   |   |   |   |   |
| Cash flows from investing activities:                 |   |               |    |   |   |   |   |   |
| Activity in securities available for sale:            |   |               |    |   |   |   |   |   |
| Maturities, prepayments and calls                     |   |               | 4,406   |   |   |   | 666 |   |
| Purchases                                             |   |               | (1,500  | ) |   |   | (1,500 | ) |
| Maturities, prepayments and calls                     |   |               |    |   |   |   |   |   |
| of securities held to maturity                        |   |               | 269     |   |   |   | 363 |   |
| Loan originations, net                                |   |               | (2,206  | ) |   |   | (16 | ) |
| Principal balance of portfolio loans sold             |   |               | -       |   |   |   | 1,007 |   |
| Purchase of premises and equipment                    |   |               | (15     | ) |   |   | (46 | ) |
| Proceeds from redemption of bank-owned life insurance |   |               | -       |   |   |   | 112 |   |
| Net cash provided by investing activities             |   |               | 954     |   |   |   | 586 |   |

----

Table of Contents

|                                               |   | Three Months Ended |   |
|----------------------------------------------------|--------|--------------------|--------|
|                                               |   | September 30,      |   |
|                                               |   | 2010               |   |   | 2009 |   |
|                                               |   | (In thousands)     |   |
| Cash flows from financing activities:              |   |               |   |   |   |   |
| Net change in deposits                             |   |               | 7,860  |   |   |   | (2,666 | ) |
| Net change in securities sold under agreements     |   |               |   |   |   |   |   |   |
| to repurchase                                      |   |               | 184    |   |   |   | 14 |   |
| Net change in Federal Home Loan Bank advances with |   |               |   |   |   |   |   |   |
| maturities of  three months or less      |   |               | (5,250 | ) |   |   | - |   |
| Proceeds of Federal Home Loan Bank advances with   |   |               |   |   |   |   |   |   |
| maturities greater than three months               |   |               | -      |   |   |   | 1,000 |   |
| Repayments of Federal Home Loan Bank advances      |   |               |   |   |   |   |   |   |
| with maturities greater than three months          |   |               | (6,014 | ) |   |   | (4,514 | ) |
| Net change in mortgagors' escrow accounts          |   |               | 96     |   |   |   | 61 |   |
| Net cash used by financing activities              |   |               | (3,124 | ) |   |   | (6,105 | ) |
|                                               |   |               |   |   |   |   |   |   |
| Net change in cash and cash equivalents            |   |               | (1,921 | ) |   |   | (5,328 | ) |
|                                               |   |               |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period   |   |               | 7,340  |   |   |   | 11,356 |   |
|                                               |   |               |   |   |   |   |   |   |
| Cash and cash equivalents at end of period         |   | $                  | 5,419  |   |   | $ | 6,028 |   |
|                                               |   |               |   |   |   |   |   |   |
| Supplementary information:                         |   |               |   |   |   |   |   |   |
| Interest paid on deposit accounts                  |   | $                  | 538    |   |   | $ | 618 |   |
| Interest paid on borrowings                        |   |               | 338    |   |   |   | 433 |   |
| Income taxes paid                                  |   |               | 507    |   |   |   | 95 |   |

----

Table of Contents

GE

|   | (1) | Basis of Presentation |
|--------|-----|-----------------------|

|   | (2) | Earnings Per Common Share |
|--------|-----|---------------------------|

|                                                      |   | Three Months Ended |      |
|-----------------------------------------------------------|--------|--------------------|-----------|
|                                                      |   | September 30,      |      |
|                                                      |   | 2010               |      |   | 2009 |   |
|                                                      |   |               |      |   |   |   |
| Net income                                                |   | $                  | 365,000   |   |   | $ | 158,000 |   |
|                                                      |   |               |      |   |   |   |   |   |
| Dividends and undistributed earnings                      |   |               |      |   |   |   |   |   |
| allocated to unvested shares                              |   |               | (3,000    | ) |   |   | - |   |
|                                                      |   |               |      |   |   |   |   |   |
| Net income available to common stockholders               |   | $                  | 362,000   |   |   | $ | 158,000 |   |
|                                                      |   |               |      |   |   |   |   |   |
| Basic common shares:                                      |   |               |      |   |   |   |   |   |
| Weighted average shares outstanding                       |   |               | 2,662,387 |   |   |   | 2,638,387 |   |
| Less:  Weighted average unallocated ESOP shares |   |               | (40,188   | ) |   |   | (48,380 | ) |
| Basic weighted average common shares outstanding          |   |               | 2,622,199 |   |   |   | 2,590,007 |   |
|                                                      |   |               |      |   |   |   |   |   |
| Dilutive potential common shares                          |   |               | -         |   |   |   | - |   |
|                                                      |   |               |      |   |   |   |   |   |
| Diluted weighted average common shares outstanding        |   |               | 2,622,199 |   |   |   | 2,590,007 |   |
|                                                      |   |               |      |   |   |   |   |   |
|                                                      |   |               |      |   |   |   |   |   |
| Basic and diluted EPS                                     |   | $                  | 0.14      |   |   | $ | 0.06 |   |

----

Table of Contents

|   | (3) | Corporate Structure |
|--------|-----|---------------------|

|   | (4) | Recent Accounting Pronouncements |
|--------|-----|----------------------------------|

----

Table of Contents

|   | (5) | Securities |
|--------|-----|------------|

|                          |   | AmortizedCost  |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | FairValue |   |
|-------------------------------|--------|----------------|--------|--------|----------------------|--------|--------|-----------------------|--------|--------|-----------|--------|
|                          |   | (In thousands) |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |
| At September 30, 2010         |   |           |   |   |                 |   |   |                  |   |   |      |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |
| Securities available for sale |   |           |   |   |                 |   |   |                  |   |   |      |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |
| Government-sponsored          |   |           |   |   |                 |   |   |                  |   |   |      |   |
| enterprise obligations        |   | $              | 3,000  |   |                 | $      | 21     |                  |   | $      | -         |   |   | $ | 3,021 |   |
| Residential mortgage-backed   |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| securities                    |   |           | 4,724  |   |                 |   | 256    |                  |   |   | -         |   |   |   | 4,980 |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Total securities              |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| available for sale            |   | $              | 7,724  |   |                 | $      | 277    |                  |   | $      | -         |   |   | $ | 8,001 |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Securities held to maturity   |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Residential mortgage-backed   |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| securities                    |   | $              | 3,451  |   |                 | $      | 204    |                  |   | $      | -         |   |   | $ | 3,655 |   |

|                          |   | AmortizedCost  |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | FairValue |   |
|-------------------------------|--------|----------------|--------|--------|----------------------|--------|--------|-----------------------|--------|--------|-----------|--------|
|                          |   | (In thousands) |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |
| At June 30, 2010              |   |           |   |   |                 |   |   |                  |   |   |      |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |
| Securities available for sale |   |           |   |   |                 |   |   |                  |   |   |      |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |
| Government-sponsored          |   |           |   |   |                 |   |   |                  |   |   |      |   |
| enterprise obligations        |   | $              | 5,000  |   |                 | $      | 19     |                  |   | $      | -         |   |   | $ | 5,019 |   |
| Residential mortgage-backed   |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| securities                    |   |           | 5,627  |   |                 |   | 279    |                  |   |   | -         |   |   |   | 5,906 |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Total securities              |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| available for sale            |   | $              | 10,627 |   |                 | $      | 298    |                  |   | $      | -         |   |   | $ | 10,925 |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Securities held to maturity   |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
|                          |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| Residential mortgage-backed   |   |           |   |   |                 |   |   |                  |   |   |      |   |   |   |   |   |
| securities                    |   | $              | 3,718  |   |                 | $      | 209    |                  |   | $      | -         |   |   | $ | 3,927 |   |

----

Table of Contents

|                        |   | Available for Sale |   |   | Held to Maturity |   |
|-----------------------------|--------|--------------------|--------|--------|------------------|--------|
|                        |   | AmortizedCost      |   |   | FairValue        |   |   | AmortizedCost |   |   | FairValue |   |
|                        |   | (In thousands)     |   |
| After 1 year through        |   |               |   |   |             |   |   |   |   |   |   |   |
| 5 years                     |   | $                  | 1,000  |   |             | $      | 1,003 |   |   | $ | - |   |   | $ | - |   |
| After 5 years through       |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| 10 years                    |   |               | 500    |   |             |   | 507 |   |   |   | - |   |   |   | - |   |
| Over 10 years               |   |               | 1,500  |   |             |   | 1,511 |   |   |   | - |   |   |   | - |   |
|                        |   |               | 3,000  |   |             |   | 3,021 |   |   |   | - |   |   |   | - |   |
| Residential mortgage-backed |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| securities                  |   |               | 4,724  |   |             |   | 4,980 |   |   |   | 3,451 |   |   |   | 3,655 |   |
|                        |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|                        |   | $                  | 7,724  |   |             | $      | 8,001 |   |   | $ | 3,451 |   |   | $ | 3,655 |   |

|   | (6) | Servicing |
|--------|-----|-----------|

----

Table of Contents

|                                    |   | Three Months Ended     |   |
|-----------------------------------------|--------|------------------------|--------|
|                                    |   | September 30,          |   |
|                                    |   | 2010                   |   |   | 2009 |   |
|                                    |   | (Dollars in thousands) |   |
|                                    |   |                   |   |   |   |   |
| Mortgage servicing rights:              |   |                   |   |   |   |   |
| Balance at beginning of period          |   | $                      | 222    |   |   | $ | 116 |   |
| Additions                               |   |                   | 94     |   |   |   | 39 |   |
| Disposals                               |   |                   | -      |   |   |   | - |   |
| Amortization                            |   |                   | (24    | ) |   |   | (2 | ) |
| Balance at end of period                |   |                   | 292    |   |   |   | 153 |   |
|                                    |   |                   |   |   |   |   |   |   |
| Valuation allowances:                   |   |                   |   |   |   |   |   |   |
| Balance at beginning of period          |   |                   | -      |   |   |   | - |   |
| Additions                               |   |                   | 17     |   |   |   | - |   |
| Recoveries                              |   |                   | -      |   |   |   | - |   |
| Write-downs                             |   |                   | -      |   |   |   | - |   |
| Balance at end of period                |   |                   | 17     |   |   |   | - |   |
|                                    |   |                   |   |   |   |   |   |   |
| Mortgage servicing assets, net          |   | $                      | 275    |   |   | $ | 153 |   |
|                                    |   |                   |   |   |   |   |   |   |
| Fair value of mortgage servicing assets |   | $                      | 275    |   |   | $ | 157 |   |

|   | (7) | Secured Borrowings and Collateral |
|--------|-----|-----------------------------------|

----

Table of Contents

|   | (8) | Fair Value Measurements |
|--------|-----|-------------------------|

|                          |   | Level 1        |   |   | Level 2 |   |   | Level 3 |   |   | Assetsat Fair Value |   |
|-------------------------------|--------|----------------|--------|--------|---------|--------|--------|---------|--------|--------|---------------------|--------|
|                          |   | (In thousands) |   |
| At September 30, 2010         |   |           |   |   |    |   |   |    |   |   |                |   |
|                          |   |           |   |   |    |   |   |    |   |   |                |   |
| Assets                        |   |           |   |   |    |   |   |    |   |   |                |   |
| Securities available for sale |   | $              | -      |   |    | $      | 8,001  |    |   | $      | -                   |   |   | $ | 8,001 |   |
|                          |   |           |   |   |    |   |   |    |   |   |                |   |   |   |   |   |
|                          |   |           |   |   |    |   |   |    |   |   |                |   |   |   |   |   |
| At June 30, 2010              |   |           |   |   |    |   |   |    |   |   |                |   |   |   |   |   |
|                          |   |           |   |   |    |   |   |    |   |   |                |   |   |   |   |   |
| Assets                        |   |           |   |   |    |   |   |    |   |   |                |   |   |   |   |   |
| Securities available for sale |   | $              | -      |   |    | $      | 10,925 |    |   | $      | -                   |   |   | $ | 10,925 |   |
| Derivative loan commitments   |   |           | -      |   |    |   | -      |    |   |   | 84                  |   |   |   | 84 |   |
|                          |   | $              | -      |   |    | $      | 10,925 |    |   | $      | 84                  |   |   | $ | 11,009 |   |
|                          |   |           |   |   |    |   |   |    |   |   |                |   |   |   |   |   |
| Liabilities                   |   |           |   |   |    |   |   |    |   |   |                |   |   |   |   |   |
| Forward loan sale commitments |   | $              | -      |   |    | $      | -      |    |   | $      | 70                  |   |   | $ | 70 |   |

----

Table of Contents

|                               |   | Fair Value MeasurementsUsing Signifigant Unobservable Inputs |   |
|------------------------------------|--------|--------------------------------------------------------------|--------|
|                               |   | Level 3                                                      |   |
|                               |   | Derivative Loan Commitments                                  |   |   | Forward Loan Sale Commitments |   |
|                               |   |                                                         |   |   |   |   |
| Beginning balance June 30, 2010    |   | $                                                            | 84     |   |   | $ | 70 |   |
| Transfers in and/or out of level 3 |   |                                                         | (84    | ) |   |   | (70 | ) |
| Ending balance, September 30, 2010 |   | $                                                            | -      |   |   | $ | - |   |

|                  |   | Level 1        |   |   | Level 2 |   |   | Level 3 |   |   | Assetsat Fair Value |   |
|-----------------------|--------|----------------|--------|--------|---------|--------|--------|---------|--------|--------|---------------------|--------|
|                  |   | (In thousands) |   |   |    |   |
| At September 30, 2010 |   |           |   |   |    |   |   |    |   |   |
|                  |   |           |   |   |    |   |   |    |   |   |                |   |
| Impaired loans        |   | $              | -      |   |    | $      | -      |    |   | $      | 63                  |   |   | $ | 63 |   |
|                  |   |           |   |   |    |   |   |    |   |   |                |   |   |   |   |   |
|                  |   |           |   |   |    |   |   |    |   |   |                |   |   |   |   |   |
|                  |   | Level 1        |   |   | Level 2 |   |   | Level 3 |   |   | Assetsat Fair Value |   |
|                  |   | (In thousands) |   |   |    |   |   |
| At June 30, 2010      |   |           |   |   |    |   |   |    |   |   |                |   |   |   |   |   |
|                  |   |           |   |   |    |   |   |    |   |   |                |   |   |   |   |   |
| Impaired loans        |   | $              | -      |   |    | $      | -      |    |   | $      | 73                  |   |   | $ | 73 |   |

|                               |   | Fair Value MeasurementsUsing Signifigant Unobservable InputsLevel 3Impaired Loans |   |
|------------------------------------|--------|-----------------------------------------------------------------------------------|--------|
|                               |   |                                                                              |   |
| Beginning balance June 30, 2010    |   | $                                                                                 | 73     |   |
| Transfers in and/or out of level 3 |   |                                                                              | (10    | ) |
| Ending balance, September 30, 2010 |   | $                                                                                 | 63     |   |

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|                                  |   | September 30, 2010 |    |   | June 30, 2010 |   |
|---------------------------------------|--------|--------------------|---------|--------|---------------|--------|
|                                  |   | CarryingAmount     |    |   | FairValue     |   |   | CarryingAmount |   |   | FairValue |   |
|                                  |   | (In thousands)     |    |
| Financial assets:                     |   |               |    |   |          |   |   |   |   |   |   |   |
| Cash and cash equivalents             |   | $                  | 5,419   |   |          | $      | 5,419 |   |   | $ | 7,340 |   |   | $ | 7,340 |   |
| Securities available for sale         |   |               | 8,001   |   |          |   | 8,001 |   |   |   | 10,925 |   |   |   | 10,925 |   |
| Securities held to maturity           |   |               | 3,451   |   |          |   | 3,655 |   |   |   | 3,718 |   |   |   | 3,927 |   |
| FHLB stock                            |   |               | 3,111   |   |          |   | 3,111 |   |   |   | 3,111 |   |   |   | 3,111 |   |
| Loans held for sale                   |   |               | 1,294   |   |          |   | 1,294 |   |   |   | 1,559 |   |   |   | 1,559 |   |
| Loans, net                            |   |               | 178,076 |   |          |   | 184,378 |   |   |   | 175,867 |   |   |   | 181,276 |   |
| Accrued interest receivable           |   |               | 789     |   |          |   | 789 |   |   |   | 794 |   |   |   | 794 |   |
| Capitalized mortgage servicing rights |   |               | 275     |   |          |   | 275 |   |   |   | 222 |   |   |   | 237 |   |
|                                  |   |               |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities:                |   |               |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                              |   |               | 155,146 |   |          |   | 156,164 |   |   |   | 147,286 |   |   |   | 148,511 |   |
| Securities sold under agreements      |   |               |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| to repurchase                         |   |               | 591     |   |          |   | 591 |   |   |   | 407 |   |   |   | 407 |   |
| Short-term FHLB advances              |   |               | 2,000   |   |          |   | 2,000 |   |   |   | 7,250 |   |   |   | 7,250 |   |
| Long-term FHLB advances               |   |               | 29,697  |   |          |   | 30,421 |   |   |   | 35,711 |   |   |   | 36,430 |   |
| Accrued interest payable              |   |               | 96      |   |          |   | 96 |   |   |   | 115 |   |   |   | 115 |   |
|                                  |   |               |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| On-balance sheet derivative           |   |               |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| financial instruments:                |   |               |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Derivative loan commitments           |   |               |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| - Assets                              |   |               | -       |   |          |   | - |   |   |   | 84 |   |   |   | 84 |   |
| Forward loan sale commitments         |   |               |    |   |          |   |   |   |   |   |   |   |   |   |   |   |
| - Liabilities                         |   |               | -       |   |          |   | - |   |   |   | 70 |   |   |   | 70 |   |

----

Table of Contents

|   | (9) | Equity Incentive Plan |
|--------|-----|-----------------------|

|                        |   | Stock Options    |   |   | Non-vestedRestricted Stock      |   |
|-----------------------------|--------|------------------|--------|--------|---------------------------------|--------|
|                        |   | Number of Shares |   |   | Weighted Average Exercise Price |   |   | Weighted Average Remaining Contractural Term (years) |   |   | Aggregate Intrinsic Value |   |   | Number of Shares |   |   | Weighted Average Grant Date Value |   |
|                        |   |             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oustanding at beginning     |   |             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| of year                     |   |             | 24,000 |   |                            | $      | 6.72 |   |   |   |   |   |   |   |   |   | 24,000 |   |   | $ | 5.20 |   |
|                        |   |             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Granted                     |   |             | -      |   |                            | $      | - |   |   |   |   |   |   |   |   |   | - |   |   | $ | - |   |
|                        |   |             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forfeited                   |   |             | -      |   |                            | $      | - |   |   |   |   |   |   |   |   |   | - |   |   | $ | - |   |
|                        |   |             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oustanding at end of period |   |             | 24,000 |   |                            | $      | 6.72 |   |   |   | 9.39 |   |   | $ | - |   |   |   | 24,000 |   |   | $ | 5.20 |   |
|                        |   |             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options exercisable at      |   |             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| end of period               |   |             | -      |   |                            | $      | - |   |   |   | - |   |   | $ | - |   |   |   |   |   |   |   |   |   |

| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

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|                                   |   | AtSeptember 30,2010    |    |   | AtJune 30,2010 |   |
|----------------------------------------|--------|------------------------|---------|--------|----------------|--------|
|                                   |   | Amount                 |    |   | Percent        |   |   | Amount |   |   | Percent |   |
|                                   |   | (Dollars in thousands) |    |
|                                   |   |                   |    |   |           |   |   |   |   |   |   |   |
| Residential loans:                     |   |                   |    |   |           |   |   |   |   |   |   |   |
| One-to-four family                     |   | $                      | 72,868  |   |           |   | 40.55 | % |   | $ | 74,390 |   |   |   | 41.92 | % |
| Home equity loans                      |   |                   |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| and lines of credit                    |   |                   | 16,815  |   |           |   | 9.36 |   |   |   | 17,251 |   |   |   | 9.72 |   |
| Total residential mortgage loans       |   |                   | 89,683  |   |           |   | 49.91 |   |   |   | 91,641 |   |   |   | 51.64 |   |
|                                   |   |                   |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Commercial loans:                      |   |                   |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| One-to-four family investment property |   |                   | 11,029  |   |           |   | 6.14 |   |   |   | 7,080 |   |   |   | 3.99 |   |
| Multi-family real estate               |   |                   | 14,156  |   |           |   | 7.88 |   |   |   | 14,085 |   |   |   | 7.94 |   |
| Commercial real estate                 |   |                   | 27,105  |   |           |   | 15.09 |   |   |   | 26,535 |   |   |   | 14.95 |   |
| Commercial business                    |   |                   | 11,438  |   |           |   | 6.37 |   |   |   | 11,010 |   |   |   | 6.21 |   |
| Total commercial loans                 |   |                   | 63,728  |   |           |   | 35.48 |   |   |   | 58,710 |   |   |   | 33.09 |   |
|                                   |   |                   |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Construction loans:                    |   |                   |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| One-to-four family                     |   |                   | 17,576  |   |           |   | 9.78 |   |   |   | 15,873 |   |   |   | 8.95 |   |
| Multi-family                           |   |                   | 5,189   |   |           |   | 2.89 |   |   |   | 7,161 |   |   |   | 4.03 |   |
| Non-residential                        |   |                   | 2,733   |   |           |   | 1.52 |   |   |   | 3,329 |   |   |   | 1.88 |   |
| Total construction loans               |   |                   | 25,498  |   |           |   | 14.19 |   |   |   | 26,363 |   |   |   | 14.86 |   |
|                                   |   |                   |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Consumer                               |   |                   | 759     |   |           |   | 0.42 |   |   |   | 719 |   |   |   | 0.41 |   |
|                                   |   |                   |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Total loans:                           |   |                   | 179,668 |   |           |   | 100.00 | % |   |   | 177,433 |   |   |   | 100.00 | % |
|                                   |   |                   |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Other items:                           |   |                   |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Net deferred loan costs                |   |                   | 90      |   |           |   |   |   |   |   | 110 |   |   |   |   |   |
| Allowance for loan losses              |   |                   | (1,682  | )      |           |   |   |   |   |   | (1,676 | ) |   |   |   |   |
|                                   |   |                   |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Total loans, net                       |   | $                      | 178,076 |   |           |   |   |   |   | $ | 175,867 |   |   |   |   |   |

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|                                        |   | At September 30,       |   |   | At June 30, |   |
|---------------------------------------------|--------|------------------------|--------|--------|-------------|--------|
|                                        |   | 2010                   |   |   | 2010        |   |
|                                        |   | (Dollars in thousands) |   |
|                                        |   |                   |   |   |        |   |
| Non-accrual loans:                          |   |                   |   |   |        |   |
| Residential mortgage loans                  |   | $                      | 243    |   |        | $      | 142 |   |
| Commercial loans                            |   |                   | -      |   |        |   | - |   |
| Construction loans                          |   |                   | -      |   |        |   | - |   |
| Consumer                                    |   |                   | -      |   |        |   | 18 |   |
|                                        |   |                   |   |   |        |   |   |   |
| Total non-accrual loans                     |   |                   | 243    |   |        |   | 160 |   |
|                                        |   |                   |   |   |        |   |   |   |
| Loans greater than 90 days delinquent       |   |                   |   |   |        |   |   |   |
| and still accruing:                         |   |                   |   |   |        |   |   |   |
| Residential mortgage loans                  |   |                   | -      |   |        |   | - |   |
| Commercial loans                            |   |                   | -      |   |        |   | - |   |
| Construction loans                          |   |                   | -      |   |        |   | - |   |
| Consumer                                    |   |                   | -      |   |        |   | - |   |
|                                        |   |                   |   |   |        |   |   |   |
| Total loans greater than 90 days delinquent |   |                   |   |   |        |   |   |   |
| and still accruing                          |   |                   | -      |   |        |   | - |   |
|                                        |   |                   |   |   |        |   |   |   |
| Restructured loans                          |   |                   | 209    |   |        |   | 210 |   |
|                                        |   |                   |   |   |        |   |   |   |
| Total non-performing loans                  |   |                   | 452    |   |        |   | 370 |   |
|                                        |   |                   |   |   |        |   |   |   |
| Real estate owned                           |   |                   | 53     |   |        |   | 66 |   |
|                                        |   |                   |   |   |        |   |   |   |
| Total non-performing assets                 |   | $                      | 505    |   |        | $      | 436 |   |
|                                        |   |                   |   |   |        |   |   |   |
| Ratios:                                     |   |                   |   |   |        |   |   |   |
| Non-performing loans to total loans         |   |                   | 0.25   | %      |        |   | 0.21 | % |
| Non-performing assets to total assets       |   |                   | 0.24   | %      |        |   | 0.21 | % |

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|                                                        |   | At September 30, |    |   | Three Months Ended September 30, |   |
|-------------------------------------------------------------|--------|------------------|---------|--------|----------------------------------|--------|
|                                                        |   | 2010             |    |   | 2010                             |   |   | 2009 |   |
|                                                        |   |             |    |   | Weighted                         |   |   | Average |   |   |   |   |   |   |   |   | Average |   |   |   |   |   |   |   |
|                                                        |   | Outstanding      |    |   | Average                          |   |   | Outstanding |   |   |   |   |   | Yield/ |   |   | Outstanding |   |   |   |   |   | Yield/ |   |
|                                                        |   | Balance          |    |   | Rate                             |   |   | Balance |   |   | Interest |   |   | Rate |   |   | Balance |   |   | Interest |   |   | Rate |   |
|                                                        |   |             |    |   |                             |   |   | (Dollars in thousands) |   |
| Interest-earning assets:                                    |   |             |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                       |   | $                | 181,052 |   |                             |   | 5.95 | % |   | $ | 178,819 |   |   | $ | 2,702 |   |   |   | 6.04 | % |   | $ | 164,559 |   |   | $ | 2,460 |   |   |   | 5.98 | % |
| Investment securities (1)                                   |   |             | 14,563  |   |                             |   | 3.13 | % |   |   | 16,039 |   |   |   | 127 |   |   |   | 3.17 | % |   |   | 17,785 |   |   |   | 152 |   |   |   | 3.42 | % |
| Short-term investments                                      |   |             | 2,997   |   |                             |   | 0.01 | % |   |   | 4,844 |   |   |   | 1 |   |   |   | 0.08 | % |   |   | 2,970 |   |   |   | - |   |   |   | 0.00 | % |
|      Total interest-earning assets |   |             | 198,612 |   |                             |   | 5.65 | % |   |   | 199,702 |   |   |   | 2,830 |   |   |   | 5.67 | % |   |   | 185,314 |   |   |   | 2,612 |   |   |   | 5.64 | % |
| Non-interest-earning assets                                 |   |             | 9,630   |   |                             |   |   |   |   |   | 11,169 |   |   |   | - |   |   |   |   |   |   |   | 12,752 |   |   |   | - |   |   |   |   |   |
| Total assets                                                |   | $                | 208,242 |   |                             |   |   |   |   | $ | 210,871 |   |   |   | 2,830 |   |   |   |   |   |   | $ | 198,066 |   |   |   | 2,612 |   |   |   |   |   |
|                                                        |   |             |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                               |   |             |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savings deposits                                            |   | $                | 11,990  |   |                             |   | 0.18 | % |   | $ | 11,947 |   |   | $ | 7 |   |   |   | 0.23 | % |   | $ | 11,001 |   |   | $ | 4 |   |   |   | 0.15 | % |
| NOW accounts                                                |   |             | 14,579  |   |                             |   | 0.37 | % |   |   | 13,785 |   |   |   | 24 |   |   |   | 0.70 | % |   |   | 10,516 |   |   |   | 1 |   |   |   | 0.04 | % |
| Money market accounts                                       |   |             | 55,977  |   |                             |   | 0.91 | % |   |   | 54,640 |   |   |   | 171 |   |   |   | 1.25 | % |   |   | 45,385 |   |   |   | 138 |   |   |   | 1.22 | % |
| Certificates of deposit                                     |   |             | 56,328  |   |                             |   | 2.34 | % |   |   | 56,208 |   |   |   | 335 |   |   |   | 2.38 | % |   |   | 56,579 |   |   |   | 473 |   |   |   | 3.34 | % |
| Total interest-bearing deposits                             |   |             | 138,874 |   |                             |   | 1.37 | % |   |   | 136,580 |   |   |   | 537 |   |   |   | 1.57 | % |   |   | 123,481 |   |   |   | 616 |   |   |   | 2.00 | % |
| FHLB advances                                               |   |             | 31,697  |   |                             |   | 3.48 | % |   |   | 37,303 |   |   |   | 319 |   |   |   | 3.42 | % |   |   | 38,961 |   |   |   | 414 |   |   |   | 4.25 | % |
| Repurchase agreements                                       |   |             | 591     |   |                             |   | 0.50 | % |   |   | 486 |   |   |   | 1 |   |   |   | 0.82 | % |   |   | 548 |   |   |   | 1 |   |   |   | 0.73 | % |
|     Total interest-bearing liabilities  |   |             | 171,162 |   |                             |   | 1.76 | % |   |   | 174,369 |   |   |   | 857 |   |   |   | 1.97 | % |   |   | 162,990 |   |   |   | 1,031 |   |   |   | 2.53 | % |
| Non-interest-bearing liabilities:                           |   |             |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand deposits                                             |   |             | 16,272  |   |                             |   |   |   |   |   | 15,982 |   |   |   |   |   |   |   |   |   |   |   | 16,179 |   |   |   |   |   |   |   |   |   |
| Other non-interest-bearing liabilities                      |   |             | 2,068   |   |                             |   |   |   |   |   | 1,984 |   |   |   |   |   |   |   |   |   |   |   | 1,471 |   |   |   |   |   |   |   |   |   |
| Total liabilities                                           |   |             | 189,502 |   |                             |   |   |   |   |   | 192,335 |   |   |   |   |   |   |   |   |   |   |   | 180,640 |   |   |   |   |   |   |   |   |   |
| Stockholders' equity                                        |   |             | 18,740  |   |                             |   |   |   |   |   | 18,536 |   |   |   |   |   |   |   |   |   |   |   | 17,426 |   |   |   |   |   |   |   |   |   |
|      Total liabilities and equity  |   | $                | 208,242 |   |                             |   |   |   |   | $ | 210,871 |   |   |   |   |   |   |   |   |   |   | $ | 198,066 |   |   |   |   |   |   |   |   |   |
|                                                        |   |             |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income                                         |   |             |    |   |                             |   |   |   |   |   |   |   |   | $ | 1,973 |   |   |   |   |   |   |   |   |   |   | $ | 1,581 |   |   |   |   |   |
| Net interest rate spread (2)                                |   |             |    |   |                             |   | 3.89 | % |   |   |   |   |   |   |   |   |   |   | 3.70 | % |   |   |   |   |   |   |   |   |   |   | 3.11 | % |
| Net interest-earning assets (3)                             |   | $                | 27,450  |   |                             |   |   |   |   | $ | 25,333 |   |   |   |   |   |   |   |   |   |   | $ | 22,324 |   |   |   |   |   |   |   |   |   |
| Net interest margin (4)                                     |   |             |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   | 3.95 | % |   |   |   |   |   |   |   |   |   |   | 3.41 | % |
| Average of interest-earning                                 |   |             |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      assets to interest-bearing    |   |             |    |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       liabilities             |   |             |    |   |                             |   | 116.04 | % |   |   |   |   |   |   |   |   |   |   | 114.53 | % |   |   |   |   |   |   |   |   |   |   | 113.70 | % |

| (1) | Consists entirely of taxable investment securities. |
|-----|-----------------------------------------------------|

| (2) | Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
|-----|---------------------------------------------------------------------------------------------------------------|

| (4) | Net interest margin represents net interest income divided by average total interest-earning assets. |
|-----|------------------------------------------------------------------------------------------------------|

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|                               |   | For the Three Months Ended September 30, 2010 |   |
|------------------------------------|--------|-----------------------------------------------|--------|
|                               |   | Compared to the Three Months Ended            |   |
|                               |   | September 30, 2009                            |   |
|                               |   | Increase (Decrease) Due to                    |   |   |   |   |
|                               |   | Volume                                        |   |   | Rate |   |   | Net |   |
|                               |   | (In thousands)                                |   |
|                               |   |                                          |   |   |   |   |   |   |   |
| Interest-earning assets:           |   |                                          |   |   |   |   |   |   |   |
| Loans                              |   | $                                             | 213    |   |   | $ | 29 |   |   | $ | 242 |   |
| Investment securities              |   |                                          | (15    | ) |   |   | (10 | ) |   |   | (25 | ) |
| Short-term investments             |   |                                          | -      |   |   |   | 1 |   |   |   | 1 |   |
|                               |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Total interest-earning assets      |   |                                          | 198    |   |   |   | 20 |   |   |   | 218 |   |
|                               |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:      |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Savings deposits                   |   |                                          | -      |   |   |   | 3 |   |   |   | 3 |   |
| NOW accounts                       |   |                                          | -      |   |   |   | 23 |   |   |   | 23 |   |
| Money market accounts              |   |                                          | 28     |   |   |   | 5 |   |   |   | 33 |   |
| Certificates of deposit            |   |                                          | (3     | ) |   |   | (135 | ) |   |   | (138 | ) |
|                               |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Total interest-bearing deposits    |   |                                          | 25     |   |   |   | (104 | ) |   |   | 79 |   |
|                               |   |                                          |   |   |   |   |   |   |   |   |   |   |
| FHLB advances                      |   |                                          | (18    | ) |   |   | (77 | ) |   |   | (95 | ) |
|                               |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Total interest-bearing liabilities |   |                                          | 7      |   |   |   | (181 | ) |   |   | (174 | ) |
|                               |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Change in net interest income      |   | $                                             | 191    |   |   | $ | 201 |   |   | $ | 392 |   |

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| Item 3. | Quantitative and Qualitative Disclosure About Market Risk |
|---------|-----------------------------------------------------------|

| Item 4. | Controls and Procedures |
|---------|-------------------------|

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| Item 1. | Legal Proceedings |
|---------|-------------------|

| Item 1A. | Risk Factors |
|----------|--------------|

| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
|---------|-------------------------------------------------------------|

| Item 3. | Defaults Upon Senior Securities |
|---------|---------------------------------|

| Item 4. | [Removed and Reserved] |
|---------|------------------------|

| Item 5. | Other Information |
|---------|-------------------|

| Item 6. | Exhibits |
|---------|----------|

|   | 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act |
|--------|------|--------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act |
|--------|------|--------------------------------------------------------------------------------------------|

|   | 32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act |
|--------|----|------------------------------------------------------------------------------------------------------------------------|

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E

|                    | GEORGETOWN BANCORP, INC.                                     |
|-------------------------|--------------------------------------------------------------|
|                    | (Registrant)                                                 |
|                    |                                                         |   |
|                    |                                                         |   |
| Date: November 15, 2010 | /s/ Robert E. Balletto                                       |   |
|                    | Robert E. Balletto                                           |
|                    | President and Chief Executive Officer                        |
|                    | (Principal Executive Officer)                                |
|                    |                                                         |   |
|                    |                                                         |   |
|                    | /s/ Joseph W. Kennedy                                        |   |
|                    | Joseph W. Kennedy                                            |
|                    | Senior Vice President, Chief Financial Officer and Treasurer |
|                    | (Principal Accounting and Financial Officer)                 |

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