|                                                                                      |                                          |   |
|-------------------------------------------------------------------------------------------|-----------------------------------------------|--------|
| (Mark One)                                                                                |                                          |
| xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |                                          |
|                                                                                      |                                          |   |
|                                                                                      | For the quarterly period ended March 31, 2011 |   |
|                                                                                      |                                          |   |
|                                                                                      | OR                                            |   |
|                                                                                      |                                          |   |
| oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |                                          |

| Federal                                 |   | 20-2107839          |
|-----------------------------------------|--------|---------------------|
| (State or other jurisdiction of         |   | (I.R.S. Employer    |
| incorporation or organization)          |   | Identification No.) |
|                                    |   |                |
| 2 East Main Street, Georgetown, MA      |   | 01833               |
| (Address of principal executive office) |   | (Zip Code)          |

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

----

l

| Part I.    | Financial Information                                                                                               | Page   |
|------------|---------------------------------------------------------------------------------------------------------------------|--------|
|       |                                                                                                                |   |
| Item 1:    | Financial Statements (Unaudited)                                                                                    |   |
|       |                                                                                                                |   |
|       | Consolidated Statements of Financial Condition at March 31, 2011 and December 31, 2010                              | 1      |
|       |                                                                                                                |   |
|       | Consolidated Statements of Income for the Three Months Ended March 31, 2011 and 2010                                | 2      |
|       |                                                                                                                |   |
|       | Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2011 and 2010 | 3      |
|       |                                                                                                                |   |
|       | Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2011 and 2010                            | 4      |
|       |                                                                                                                |   |
|       | Notes to Consolidated Financial Statements                                                                          | 6      |
|       |                                                                                                                |   |
| Item 2:    | Management’s Discussion and Analysis of Financial Condition and Results of Operations                         | 20     |
|       |                                                                                                                |   |
| Item 3:    | Quantitative and Qualitative Disclosures About Market Risk                                                          | 28     |
|       |                                                                                                                |   |
| Item 4:    | Controls and Procedures                                                                                             | 28     |
|       |                                                                                                                |   |
| Part II.   | Other Information                                                                                                   |   |
|       |                                                                                                                |   |
| Item 1:    | Legal Proceedings                                                                                                   | 29     |
| Item 1A:   | Risk Factors                                                                                                        | 29     |
| Item 2:    | Unregistered Sales of Equity Securities and Use of Proceeds                                                         | 29     |
| Item 3:    | Defaults upon Senior Securities                                                                                     | 29     |
| Item 4:    | [Removed and Reserved]                                                                                              | 29     |
| Item 5:    | Other Information                                                                                                   | 29     |
| Item 6:    | Exhibits                                                                                                            | 29     |
|       |                                                                                                                |   |
| SIGNATURES | 30                                                                                                                  |

----

Table of Contents

A

S

| GEORGETOWN BANCORP, INC.                                                              |
|---------------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION                                        |
| ------------------------------------------------------------------------------------- |
| (unaudited)                                                                           |
|                                                                                  |
| ASSETS                                                                                |
|                                                                                  |

|                                                                                                                                 |   | At             |    |   | At           |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|--------|--------------|--------|
|                                                                                                                                 |   | March 31,      |    |   | December 31, |   |
|                                                                                                                                 |   | 2011           |    |   | 2010         |   |
|                                                                                                                                 |   | (In thousands) |    |
|                                                                                                                                 |   |           |    |   |         |   |
| Cash and due from banks                                                                                                              |   | $              | 2,134   |   |         | $      | 1,490 |   |
| Short-term investments                                                                                                               |   |           | 1,160   |   |         |   | 1,808 |   |
|                Total cash and cash equivalents            |   |           | 3,294   |   |         |   | 3,298 |   |
|                                                                                                                                 |   |           |    |   |         |   |   |   |
| Securities available for sale, at fair value                                                                                         |   |           | 6,253   |   |         |   | 7,219 |   |
| Securities held to maturity, at amortized cost                                                                                       |   |           | 2,938   |   |         |   | 3,202 |   |
| Federal Home Loan Bank stock, at cost                                                                                                |   |           | 3,111   |   |         |   | 3,111 |   |
| Loans held for sale                                                                                                                  |   |           | -       |   |         |   | 685 |   |
| Loans, net of allowance for loan losses of $1,719,000 at                                                                             |   |           |    |   |         |   |   |   |
|     March 31, 2011 and $1,651,000 at December 31, 2010                                                           |   |           | 181,597 |   |         |   | 178,524 |   |
| Premises and equipment, net                                                                                                          |   |           | 3,905   |   |         |   | 3,961 |   |
| Accrued interest receivable                                                                                                          |   |           | 814     |   |         |   | 777 |   |
| Bank-owned life insurance                                                                                                            |   |           | 2,621   |   |         |   | 2,597 |   |
| Prepaid FDIC insurance                                                                                                               |   |           | 471     |   |         |   | 514 |   |
| Other assets                                                                                                                         |   |           | 1,187   |   |         |   | 1,127 |   |
|                                                                                                                                 |   |           |    |   |         |   |   |   |
|                Total assets                               |   | $              | 206,191 |   |         | $      | 205,015 |   |
|                                                                                                                                 |   |           |    |   |         |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                 |
|                                                                                                                                 |   |           |    |   |         |   |   |   |
| Deposits                                                                                                                             |   | $              | 150,197 |   |         | $      | 151,463 |   |
| Securities sold under agreements to repurchase                                                                                       |   |           | 380     |   |         |   | 491 |   |
| Short-term Federal Home Loan Bank advances                                                                                           |   |           | 6,800   |   |         |   | 3,500 |   |
| Long-term Federal Home Loan Bank advances                                                                                            |   |           | 27,167  |   |         |   | 28,182 |   |
| Mortgagors' escrow accounts                                                                                                          |   |           | 597     |   |         |   | 598 |   |
| Accrued expenses and other liabilities                                                                                               |   |           | 1,547   |   |         |   | 1,612 |   |
|                Total liabilities                          |   |           | 186,688 |   |         |   | 185,846 |   |
|                                                                                                                                 |   |           |    |   |         |   |   |   |
| 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                                                                                                           |   |           | 11,495  |   |         |   | 11,424 |   |
| Retained earnings                                                                                                                    |   |           | 9,331   |   |         |   | 8,999 |   |
| Accumulated other comprehensive income                                                                                               |   |           | 96      |   |         |   | 120 |   |
| Unearned compensation - ESOP (34,741 and 36,789 shares unallocated                                                                   |   |           |    |   |         |   |   |   |
|     at March 31, 2011 and December 31, 2010, respectively)                                                       |   |           | (348    | )      |         |   | (368 | ) |
| Unearned compensation - Restricted stock  (36,552 and 24,000 shares non-vested                                             |   |           |    |   |         |   |   |   |
|    at March 31, 2011 and December 31, 2010, respectively)                                                             |   |           | (213    | )      |         |   | (100 | ) |
| Treasury stock, at cost (133,347 and 138,863 shares at March 31, 2011                                                                |   |           |    |   |         |   |   |   |
|    and December 31, 2010, respectively)                                                                               |   |           | (1,136  | )      |         |   | (1,184 | ) |
|                Total stockholders' equity                 |   |           | 19,503  |   |         |   | 19,169 |   |
|                                                                                                                                 |   |           |    |   |         |   |   |   |
|                Total liabilities and stockholders' equity |   | $              | 206,191 |   |         | $      | 205,015 |   |
|                                                                                                                                 |   |           |    |   |         |   |   |   |
| See accompanying notes to consolidated financial statements.                                                                         |   |           |    |   |         |   |   |   |
|                                                                                                                                 |   |           |    |   |         |   |   |   |

----

Table of Contents

| GEORGETOWN BANCORP, INC.                                       |
|----------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF INCOME                              |
| -------------------------------------------------------------- |
| (unaudited)                                                    |
|                                                           |

|                                                                                                                         |   | Three Months Ended                |      |
|------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|-----------|
|                                                                                                                         |   | March 31,                         |      |
|                                                                                                                         |   | 2011                              |      |   | 2010 |   |
|                                                                                                                         |   | (In thousands, except share data) |      |
|                                                                                                                         |   |                              |      |   |   |   |
| Interest and dividend income:                                                                                                |   |                              |      |   |   |   |
|     Loans, including fees                                                                                |   | $                                 | 2,698     |   |   | $ | 2,537 |   |
|     Securities                                                                                           |   |                              | 99        |   |   |   | 157 |   |
|                Total interest and dividend income |   |                              | 2,797     |   |   |   | 2,694 |   |
|                                                                                                                         |   |                              |      |   |   |   |   |   |
| Interest expense:                                                                                                            |   |                              |      |   |   |   |   |   |
|     Deposits                                                                                             |   |                              | 417       |   |   |   | 512 |   |
|     Short-term Federal Home Loan Bank advances                                                           |   |                              | 5         |   |   |   | 6 |   |
|     Long-term Federal Home Loan Bank advances                                                            |   |                              | 247       |   |   |   | 345 |   |
|     Securities sold under agreements to repurchase                                                       |   |                              | 1         |   |   |   | 1 |   |
|                Total interest expense             |   |                              | 670       |   |   |   | 864 |   |
|                                                                                                                         |   |                              |      |   |   |   |   |   |
| Net interest income                                                                                                          |   |                              | 2,127     |   |   |   | 1,830 |   |
| Provision for loan losses                                                                                                    |   |                              | 64        |   |   |   | 89 |   |
| Net interest income, after provision for loan losses                                                                         |   |                              | 2,063     |   |   |   | 1,741 |   |
|                                                                                                                         |   |                              |      |   |   |   |   |   |
| Non-interest income:                                                                                                         |   |                              |      |   |   |   |   |   |
|     Customer service fees                                                                                |   |                              | 134       |   |   |   | 158 |   |
|     Mortgage banking income, net                                                                         |   |                              | 67        |   |   |   | 126 |   |
|     Income from bank-owned life insurance                                                                |   |                              | 24        |   |   |   | 25 |   |
|     Other                                                                                                |   |                              | 1         |   |   |   | 1 |   |
|                Total non-interest income          |   |                              | 226       |   |   |   | 310 |   |
|                                                                                                                         |   |                              |      |   |   |   |   |   |
| Non-interest expenses:                                                                                                       |   |                              |      |   |   |   |   |   |
|     Salaries and employee benefits                                                                       |   |                              | 1,005     |   |   |   | 872 |   |
|     Occupancy and equipment expenses                                                                     |   |                              | 203       |   |   |   | 205 |   |
|     Data processing expenses                                                                             |   |                              | 109       |   |   |   | 108 |   |
|     Professional fees                                                                                    |   |                              | 105       |   |   |   | 92 |   |
|     Advertising expenses                                                                                 |   |                              | 87        |   |   |   | 82 |   |
|     FDIC insurance                                                                                       |   |                              | 47        |   |   |   | 57 |   |
|     Other general and administrative expenses                                                            |   |                              | 203       |   |   |   | 183 |   |
|                Total non-interest expenses        |   |                              | 1,759     |   |   |   | 1,599 |   |
|                                                                                                                         |   |                              |      |   |   |   |   |   |
| Income before income taxes                                                                                                   |   |                              | 530       |   |   |   | 452 |   |
|                                                                                                                         |   |                              |      |   |   |   |   |   |
| Income tax provision                                                                                                         |   |                              | 198       |   |   |   | 166 |   |
|                                                                                                                         |   |                              |      |   |   |   |   |   |
| Net income                                                                                                                   |   | $                                 | 332       |   |   | $ | 286 |   |
|                                                                                                                         |   |                              |      |   |   |   |   |   |
| Weighted-average number of common shares outstanding:                                                                        |   |                              |      |   |   |   |   |   |
|    Basic and diluted                                                                                          |   |                              | 2,636,792 |   |   |   | 2,604,389 |   |
|                                                                                                                         |   |                              |      |   |   |   |   |   |
| Earnings per share:                                                                                                          |   |                              |      |   |   |   |   |   |
|    Basic and diluted                                                                                          |   | $                                 | 0.13      |   |   | $ | 0.11 |   |
|                                                                                                                         |   |                              |      |   |   |   |   |   |
| See accompanying notes to consolidated financial statements.                                                                 |   |                              |      |   |   |
|                                                                                                                         |   |                              |      |   |   |   |   |   |

----

Table of Contents

| GEORGETOWN BANCORP, INC.                                                                                  |
|-----------------------------------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY                                                |
| --------------------------------------------------------------------------------------------------------- |
| (unaudited)                                                                                               |
|                                                                                                      |

|                                                                                                                             |   |           |   |   |       |   |   |     |   |   | Accumulated   |   |   |          |   |   |             |   |   |     |   |   |   |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|------------|--------|--------|----------|--------|--------|---------------|--------|--------|---------------|--------|--------|------------------|--------|--------|----------|--------|--------|--------|--------|
|                                                                                                                             |   |           |   |   | Additional |   |   |     |   |   | Other         |   |   | Unearned      |   |   | Unearned         |   |   |     |   |   |   |   |
|                                                                                                                             |   | Common         |   |   | Paid-in    |   |   | Retained |   |   | Comprehensive |   |   | Compensation- |   |   | Compensation-    |   |   | Treasury |   |   |   |   |
|                                                                                                                             |   | Stock          |   |   | Capital    |   |   | Earnings |   |   | Income (Loss) |   |   | ESOP          |   |   | Restricted Stock |   |   | Stock    |   |   | Total  |   |
|                                                                                                                             |   | (In thousands) |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |
| Balance at December 31, 2009                                                                                                     |   | $              | 278    |   |       | $      | 11,329 |     |   | $      | 7,546         |   |   | $             | 127    |   |             | $      | (450   | )        |   |   | -      |   |   | $ | (1,184 | ) |   | $ | 17,646 |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income:                                                                                                            |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net income                                                                                               |   |           | -      |   |       |   | -      |     |   |   | 286           |   |   |          | -      |   |             |   | -      |     |   |   | -      |   |   |   | - |   |   |   | 286 |   |
|     Net unrealized gain on securities                                                                        |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
|         available for sale, net of related                                               |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
|         tax effects of $14,000                                                           |   |           | -      |   |       |   | -      |     |   |   | -             |   |   |          | 25     |   |             |   | -      |     |   |   | -      |   |   |   | - |   |   |   | 25 |   |
|                  Total comprehensive income |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   | 311 |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock held by ESOP allocated or                                                                                           |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| committed to be allocated (2,048 shares)                                                                                         |   |           | -      |   |       |   | (10    | )        |   |   | -             |   |   |          | -      |   |             |   | 21     |     |   |   | -      |   |   |   | - |   |   |   | 11 |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock granted in connection with                                                                                      |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| equity incentive plan (25,000 shares)                                                                                            |   |           | -      |   |       |   | 130    |     |   |   | -             |   |   |          | -      |   |             |   | -      |     |   |   | (130   | )      |   |   | - |   |   |   | - |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Share based compensation - options                                                                                               |   |           | -      |   |       |   | 1      |     |   |   | -             |   |   |          | -      |   |             |   | -      |     |   |   | -      |   |   |   | - |   |   |   | 1 |   |
| Share based compensation - restricted stock                                                                                      |   |           | -      |   |       |   | -      |     |   |   | -             |   |   |          | -      |   |             |   | -      |     |   |   | 3      |   |   |   | - |   |   |   | 3 |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010                                                                                                        |   | $              | 278    |   |       | $      | 11,450 |     |   | $      | 7,832         |   |   | $             | 152    |   |             | $      | (429   | )        |   | $      | (127   | )      |   | $ | (1,184 | ) |   | $ | 17,972 |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2010                                                                                                     |   | $              | 278    |   |       | $      | 11,424 |     |   | $      | 8,999         |   |   | $             | 120    |   |             | $      | (368   | )        |   | $      | (100   | )      |   | $ | (1,184 | ) |   | $ | 19,169 |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income:                                                                                                            |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net income                                                                                               |   |           | -      |   |       |   | -      |     |   |   | 332           |   |   |          | -      |   |             |   | -      |     |   |   | -      |   |   |   | - |   |   |   | 332 |   |
|     Net unrealized loss on securities                                                                        |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
|         available for sale, net of related                                               |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
|         tax effects of $14,000                                                           |   |           | -      |   |       |   | -      |     |   |   | -             |   |   |          | (24    | )      |             |   | -      |     |   |   | -      |   |   |   | - |   |   |   | (24 | ) |
|                  Total comprehensive income |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   | 308 |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock held by ESOP allocated or                                                                                           |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| committed to be allocated (2,048 shares)                                                                                         |   |           | -      |   |       |   | (6     | )        |   |   | -             |   |   |          | -      |   |             |   | 20     |     |   |   | -      |   |   |   | - |   |   |   | 14 |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock granted in connection with                                                                                      |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| equity incentive plan (25,998 shares)                                                                                            |   |           | -      |   |       |   | 169    |     |   |   | -             |   |   |          | -      |   |             |   | -      |     |   |   | (169   | )      |   |   | - |   |   |   | - |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Forfeiture of restricted stock (7,650 shares)                                                                                    |   |           | -      |   |       |   | (46    | )        |   |   | -             |   |   |          | -      |   |             |   | -      |     |   |   | 46     |   |   |   | - |   |   |   | - |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Reissuance of treasury stock (5,796 shares)                                                                                      |   |           | -      |   |       |   | (50    | )        |   |   | -             |   |   |          | -      |   |             |   | -      |     |   |   | -      |   |   |   | 50 |   |   |   | - |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Return of treasury stock (280 shares)                                                                                            |   |           | -      |   |       |   | -      |     |   |   | -             |   |   |          | -      |   |             |   | -      |     |   |   | -      |   |   |   | (2 | ) |   |   | (2 | ) |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Share based compensation - options                                                                                               |   |           | -      |   |       |   | 4      |     |   |   | -             |   |   |          | -      |   |             |   | -      |     |   |   | -      |   |   |   | - |   |   |   | 4 |   |
| Share based compensation - restricted stock                                                                                      |   |           | -      |   |       |   | -      |     |   |   | -             |   |   |          | -      |   |             |   | -      |     |   |   | 10     |   |   |   | - |   |   |   | 10 |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at March 31, 2011                                                                                                        |   | $              | 278    |   |       | $      | 11,495 |     |   | $      | 9,331         |   |   | $             | 96     |   |             | $      | (348   | )        |   | $      | (213   | )      |   | $ | (1,136 | ) |   | $ | 19,503 |   |
|                                                                                                                             |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements.                                                                     |   |           |   |   |       |   |   |     |   |   |          |   |   |          |   |   |             |   |   |     |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| GEORGETOWN BANCORP, INC.                                             |
|----------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                |
| -------------------------------------------------------------------- |
| (unaudited)                                                          |
|                                                                 |

|                                                                                                                                                                                  |   | Three Months Ended |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                                                                                                                  |   | March 31,          |   |
|                                                                                                                                                                                  |   | 2011               |   |   | 2010 |   |
|                                                                                                                                                                                  |   | (In thousands)     |   |
| Cash flows from operating activities:                                                                                                                                                 |   |               |   |   |   |   |
| Net income                                                                                                                                                                            |   | $                  | 332    |   |   | $ | 286 |   |
|     Adjustments to reconcile net income to net cash                                                                                                               |   |               |   |   |   |   |   |   |
|        provided (used) by operating activities:                                                                                                    |   |               |   |   |   |   |   |   |
|             Provision for loan losses                                                                                     |   |               | 64     |   |   |   | 89 |   |
|             Accretion of securities, net                                                                                  |   |               | (3     | ) |   |   | (6 | ) |
|             Amortization of deferred loan fees and costs, net                                                             |   |               | (11    | ) |   |   | (3 | ) |
|             Depreciation and amortization expense                                                                         |   |               | 64     |   |   |   | 90 |   |
|             Increase in accrued interest receivable                                                                       |   |               | (37    | ) |   |   | (39 | ) |
|             Income from bank-owned life insurance                                                                         |   |               | (24    | ) |   |   | (25 | ) |
|             Stock-based compensation expense                                                                              |   |               | 28     |   |   |   | 15 |   |
|             Loans originated for sale                                                                                     |   |               | (2,024 | ) |   |   | (4,070 | ) |
|             Principal balance of loans sold                                                                               |   |               | 2,709  |   |   |   | 2,941 |   |
|             Net gain on other secondary market activities                                                                 |   |               | -      |   |   |   | (70 | ) |
|             Prepaid FDIC insurance                                                                                        |   |               | 43     |   |   |   | 51 |   |
|             Net change in other assets and liabilities                                                                    |   |               | (111   | ) |   |   | 365 |   |
|                   Net cash provided (used) by operating activities                          |   |               | 1,030  |   |   |   | (376 | ) |
|                                                                                                                                                                                  |   |               |   |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                 |   |               |   |   |   |   |   |   |
|     Activity in securities available for sale:                                                                                                                    |   |               |   |   |   |   |   |   |
|             Maturities, prepayments and calls                                                                             |   |               | 929    |   |   |   | 2,029 |   |
|             Purchases                                                                                                     |   |               | -      |   |   |   | (1,000 | ) |
|     Maturities, prepayments and calls                                                                                                                             |   |               |   |   |   |   |   |   |
|          of securities held to maturity                                                                                                  |   |               | 266    |   |   |   | 293 |   |
|     Loan originations, net                                                                                                                                        |   |               | (3,126 | ) |   |   | (5,325 | ) |
|     Purchase of premises and equipment                                                                                                                            |   |               | (8     | ) |   |   | (18 | ) |
|                         Net cash used by investing activities |   |               | (1,939 | ) |   |   | (4,021 | ) |
|                                                                                                                                                                                  |   |               |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |               |   |   |   |   |   |   |
| (continued)                                                                                                                                                                           |   |
|                                                                                                                                                                                  |   |               |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |               |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements.                                                                                                                          |   |               |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |               |   |   |   |   |   |   |

----

Table of Contents

| GEORGETOWN BANCORP, INC.                                              |
|-----------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                 |
| --------------------------------------------------------------------- |
| (unaudited)                                                           |
| (concluded)                                                           |
|                                                                  |

|                                                                                                                                                  |   | Three Months Ended |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                                                                                  |   | March 31,          |   |
|                                                                                                                                                  |   | 2011               |   |   | 2010 |   |
|                                                                                                                                                  |   | (In thousands)     |   |
| Cash flows from financing activities:                                                                                                                 |   |               |   |   |   |   |
|     Net change in deposits                                                                                                        |   |               | (1,266 | ) |   |   | 2,730 |   |
|     Net change in securities sold under agreements                                                                                |   |               |   |   |   |   |   |   |
|         to repurchase                                                                                         |   |               | (111   | ) |   |   | (22 | ) |
|     Net change in Federal Home Loan Bank advances with                                                                            |   |               |   |   |   |   |   |   |
|         maturities of  three months or less                                                         |   |               | 3,300  |   |   |   | 6,650 |   |
|     Repayments of Federal Home Loan Bank advances                                                                                 |   |               |   |   |   |   |   |   |
|         with maturities greater than three months                                                             |   |               | (1,015 | ) |   |   | (3,014 | ) |
|     Net change in mortgagors' escrow accounts                                                                                     |   |               | (1     | ) |   |   | 84 |   |
|     Return of vested restricted shares to treasury stock                                                                          |   |               | (2     | ) |   |   | - |   |
|                   Net cash provided by financing activities |   |               | 905    |   |   |   | 6,428 |   |
|                                                                                                                                                  |   |               |   |   |   |   |   |   |
| Net change in cash and cash equivalents                                                                                                               |   |               | (4     | ) |   |   | 2,031 |   |
|                                                                                                                                                  |   |               |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                                                                                      |   |               | 3,298  |   |   |   | 3,645 |   |
|                                                                                                                                                  |   |               |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                                                                            |   | $                  | 3,294  |   |   | $ | 5,676 |   |
|                                                                                                                                                  |   |               |   |   |   |   |   |   |
| Supplementary information:                                                                                                                            |   |               |   |   |   |   |   |   |
| Interest paid on deposit accounts                                                                                                                     |   | $                  | 417    |   |   | $ | 510 |   |
| Interest paid on borrowings                                                                                                                           |   |               | 253    |   |   |   | 345 |   |
| Income taxes paid                                                                                                                                     |   |               | 111    |   |   |   | - |   |
| Due to broker for investment purchase                                                                                                                 |   |               | -      |   |   |   | 1,000 |   |
|                                                                                                                                                  |   |               |   |   |   |   |   |   |
|                                                                                                                                                  |   |               |   |   |   |   |   |   |
|                                                                                                                                                  |   |               |   |   |   |   |   |   |
|                                                                                                                                                  |   |               |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements.                                                                                          |   |               |   |   |   |   |   |   |
|                                                                                                                                                  |   |               |   |   |   |   |   |   |

----

Table of Contents

O

|                                                                                                     |   | Three Months Ended |      |
|----------------------------------------------------------------------------------------------------------|--------|--------------------|-----------|
|                                                                                                     |   | March 31,          |      |
|                                                                                                     |   | 2011               |      |   | 2010 |   |
|                                                                                                     |   |               |      |   |   |   |
| Net income available to common stockholders                                                              |   | $                  | 332,000   |   |   | $ | 286,000 |   |
|                                                                                                     |   |               |      |   |   |   |   |   |
| Basic common shares:                                                                                     |   |               |      |   |   |   |   |   |
| Weighted average shares outstanding                                                                      |   |               | 2,640,655 |   |   |   | 2,638,387 |   |
| Less:  Weighted average unallocated ESOP shares                                                |   |               | (36,083   | ) |   |   | (44,276 | ) |
| Add:  Weighted average unvested restricted stock                                               |   |               |      |   |   |   |   |   |
|            shares with non-forfeitable dividend rights |   |               | 32,220    |   |   |   | 10,278 |   |
| Basic weighted average common shares outstanding                                                         |   |               | 2,636,792 |   |   |   | 2,604,389 |   |
|                                                                                                     |   |               |      |   |   |   |   |   |
| Dilutive potential common shares                                                                         |   |               | -         |   |   |   | - |   |
|                                                                                                     |   |               |      |   |   |   |   |   |
| Diluted weighted average common shares outstanding                                                       |   |               | 2,636,792 |   |   |   | 2,604,389 |   |
|                                                                                                     |   |               |      |   |   |   |   |   |
| Basic and diluted earnings per share                                                                     |   | $                  | 0.13      |   |   | $ | 0.11 |   |

----

Table of Contents

----

Table of Contents

|                                                                                                         |   |           |   |   | Gross      |   |   | Gross      |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|------------|--------|--------|------------|--------|--------|--------|--------|
|                                                                                                         |   | Amortized      |   |   | Unrealized |   |   | Unrealized |   |   | Fair   |   |
|                                                                                                         |   | Cost           |   |   | Gains      |   |   | Losses     |   |   | Value  |   |
|                                                                                                         |   | (In thousands) |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |
| At March 31, 2011                                                                                            |   |           |   |   |       |   |   |       |   |   |   |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |
| Securities available for sale                                                                                |   |           |   |   |       |   |   |       |   |   |   |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |
|     Government-sponsored                                                                 |   |           |   |   |       |   |   |       |   |   |   |   |
|         enterprise obligations                                       |   | $              | 2,505  |   |       | $      | 2      |       |   | $      | (48    | )      |   | $ | 2,459 |   |
|     Residential mortgage-backed                                                          |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|   securities                                                                                       |   |           | 3,601  |   |       |   | 193    |       |   |   | -      |   |   |   | 3,794 |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|            Total securities                           |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|                available for sale |   | $              | 6,106  |   |       | $      | 195    |       |   | $      | (48    | )      |   | $ | 6,253 |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
| Securities held to maturity                                                                                  |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|     Residential mortgage-backed                                                          |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|   securities                                                                                       |   | $              | 2,938  |   |       | $      | 178    |       |   | $      | -      |   |   | $ | 3,116 |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|                                                                                                         |   |           |   |   |       | Gross  |   |       | Gross  |   |   |   |   |   |
|                                                                                                         |   | Amortized      |   |   | Unrealized |   |   | Unrealized |   |   | Fair   |   |
|                                                                                                         |   | Cost           |   |   | Gains      |   |   | Losses     |   |   | Value  |   |
|                                                                                                         |   | (In thousands) |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
| At December 31, 2010                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
| Securities available for sale                                                                                |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|     Government-sponsored                                                                 |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|         enterprise obligations                                       |   | $              | 3,006  |   |       | $      | 4      |       |   | $      | (36    | )      |   | $ | 2,974 |   |
|     Residential mortgage-backed                                                          |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|   securities                                                                                       |   |           | 4,028  |   |       |   | 217    |       |   |   | -      |   |   |   | 4,245 |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|            Total securities                           |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|                available for sale |   | $              | 7,034  |   |       | $      | 221    |       |   | $      | (36    | )      |   | $ | 7,219 |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
| Securities held to maturity                                                                                  |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|                                                                                                         |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|     Residential mortgage-backed                                                          |   |           |   |   |       |   |   |       |   |   |   |   |   |   |   |   |
|   securities                                                                                       |   | $              | 3,202  |   |       | $      | 196    |       |   | $      | -      |   |   | $ | 3,398 |   |

----

Table of Contents

|                               |   | Available for Sale |   |   | Held to Maturity |   |
|------------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                               |   | Amortized          |   |   | Fair             |   |   | Amortized |   |   | Fair |   |
|                               |   | Cost               |   |   | Value            |   |   | Cost |   |   | Value |   |
|                               |   | (In thousands)     |   |
| After 1 year through               |   |               |   |   |             |   |   |   |   |   |   |   |
|     5 years    |   | $                  | 505    |   |             | $      | 505 |   |   | $ | - |   |   | $ | - |   |
| After 5 years through              |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|     10 years   |   |               | 500    |   |             |   | 502 |   |   |   | - |   |   |   | - |   |
| Over 10 years                      |   |               | 1,500  |   |             |   | 1,452 |   |   |   | - |   |   |   | - |   |
|                               |   |               | 2,505  |   |             |   | 2,459 |   |   |   | - |   |   |   | - |   |
| Residential mortgage-backed        |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|     securities |   |               | 3,601  |   |             |   | 3,794 |   |   |   | 2,938 |   |   |   | 3,116 |   |
|                               |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|                               |   | $                  | 6,106  |   |             | $      | 6,253 |   |   | $ | 2,938 |   |   | $ | 3,116 |   |

|                                                                   |   | Less Than Twelve Months |   |   | Greater Than Twelve Months |   |
|------------------------------------------------------------------------|--------|-------------------------|--------|--------|----------------------------|--------|
|                                                                   |   | Gross                   |   |   |                       |   |   | Gross |   |   |   |   |
|                                                                   |   | Unrealized              |   |   | Fair                       |   |   | Unrealized |   |   | Fair |   |
|                                                                   |   | Losses                  |   |   | Value                      |   |   | Losses |   |   | Value |   |
|                                                                   |   | (In thousands)          |   |
| At March 31, 2011:                                                     |   |                    |   |   |                       |   |   |   |   |   |   |   |
|                                                                   |   |                    |   |   |                       |   |   |   |   |   |   |   |
| Securities available for sale                                          |   |                    |   |   |                       |   |   |   |   |   |   |   |
|                                                                   |   |                    |   |   |                       |   |   |   |   |   |   |   |
|     Government-sponsored                           |   |                    |   |   |                       |   |   |   |   |   |   |   |
|         enterprise obligations |   | $                       | 48     |   |                       | $      | 1,452 |   |   | $ | - |   |   | $ | - |   |
|                                                                   |   |                    |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                    |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| At December 31, 2010:                                                  |   |                    |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                    |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Securities available for sale                                          |   |                    |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                    |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|     Government-sponsored                           |   |                    |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|         enterprise obligations |   | $                       | 36     |   |                       | $      | 1,464 |   |   | $ | - |   |   | $ | - |   |
|                                                                   |   |                    |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

|                                                           |   | At                     |    |   | At           |   |
|----------------------------------------------------------------|--------|------------------------|---------|--------|--------------|--------|
|                                                           |   | March 31,              |    |   | December 31, |   |
|                                                           |   | 2011                   |    |   | 2010         |   |
|                                                           |   | Amount                 |    |   | Percent      |   |   | Amount |   |   | Percent |   |
|                                                           |   | (Dollars in thousands) |    |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |
| Residential loans:                                             |   |                   |    |   |         |   |   |   |   |   |   |   |
|     One-to-four family                     |   | $                      | 70,241  |   |         |   | 38.34 | % |   | $ | 70,685 |   |   |   | 39.25 | % |
|     Home equity loans                      |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
|      and lines of credit              |   |                   | 16,971  |   |         |   | 9.26 |   |   |   | 17,305 |   |   |   | 9.61 |   |
| Total residential mortgage loans                               |   |                   | 87,212  |   |         |   | 47.60 |   |   |   | 87,990 |   |   |   | 48.86 |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Commercial loans:                                              |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
|     One-to-four family investment property |   |                   | 14,112  |   |         |   | 7.70 |   |   |   | 11,892 |   |   |   | 6.60 |   |
|     Multi-family real estate               |   |                   | 14,062  |   |         |   | 7.67 |   |   |   | 14,121 |   |   |   | 7.84 |   |
|     Commercial real estate                 |   |                   | 27,485  |   |         |   | 15.00 |   |   |   | 27,688 |   |   |   | 15.38 |   |
|     Commercial business                    |   |                   | 12,561  |   |         |   | 6.86 |   |   |   | 12,475 |   |   |   | 6.93 |   |
| Total commercial loans                                         |   |                   | 68,220  |   |         |   | 37.23 |   |   |   | 66,176 |   |   |   | 36.75 |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Construction loans:                                            |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
|     One-to-four family                     |   |                   | 16,563  |   |         |   | 9.04 |   |   |   | 16,725 |   |   |   | 9.29 |   |
|     Multi-family                           |   |                   | 9,828   |   |         |   | 5.36 |   |   |   | 7,730 |   |   |   | 4.29 |   |
|     Non-residential                        |   |                   | 726     |   |         |   | 0.40 |   |   |   | 733 |   |   |   | 0.41 |   |
| Total construction loans                                       |   |                   | 27,117  |   |         |   | 14.80 |   |   |   | 25,188 |   |   |   | 13.99 |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Consumer                                                       |   |                   | 674     |   |         |   | 0.37 |   |   |   | 726 |   |   |   | 0.40 |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Total loans:                                                   |   |                   | 183,223 |   |         |   | 100.00 | % |   |   | 180,080 |   |   |   | 100.00 | % |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Other items:                                                   |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Net deferred loan costs                                        |   |                   | 93      |   |         |   |   |   |   |   | 95 |   |   |   |   |   |
| Allowance for loan losses                                      |   |                   | (1,719  | )      |         |   |   |   |   |   | (1,651 | ) |   |   |   |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Total loans, net                                               |   | $                      | 181,597 |   |         |   |   |   |   | $ | 178,524 |   |   |   |   |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

|                                               |   | Residential        |   |   | Commercial                                 |   |   | Construction                           |   |   |                     |   |   |                   |   |
|----------------------------------------------------|--------|--------------------|--------|--------|--------------------------------------------|--------|--------|----------------------------------------|--------|--------|--------------------------|--------|--------|------------------------|--------|
|                                               |   | One-to-four family |   |   | Home equity loans and lines of credit |   |   | One-to-four family investment property |   |   | Multi-family real estate |   |   | Commercial real estate |   |   | Commercial business |   |   | One-to-four family |   |   | Multi-family |   |   | Non-residential |   |   | Consumer |   |   | Total |   |
|                                               |   | (In thousands)     |   |
| At March 31, 2011                                  |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for loan losses                          |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beginning Balance                                  |   | $                  | 233    |   |                                       | $      | 320    |                                   |   | $      | 60                       |   |   | $                      | 106    |   |   | $ | 431 |   |   | $ | 304 |   |   | $ | 93 |   |   | $ | 83 |   |   | $ | 6 |   |   | $ | 15 |   |   | $ | 1,651 |   |
|     Charge-offs                |   |               | -      |   |                                       |   | -      |                                   |   |   | -                        |   |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|     Recoveries                 |   |               | 3      |   |                                       |   | -      |                                   |   |   | -                        |   |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | 4 |   |
|     Provision                  |   |               | (39    | )      |                                       |   | (18    | )                                      |   |   | 25                       |   |   |                   | 7      |   |   |   | 11 |   |   |   | 12 |   |   |   | 31 |   |   |   | 32 |   |   |   | 5 |   |   |   | (2 | ) |   |   | 64 |   |
| Ending Balance                                     |   | $                  | 197    |   |                                       | $      | 302    |                                   |   | $      | 85                       |   |   | $                      | 113    |   |   | $ | 442 |   |   | $ | 316 |   |   | $ | 124 |   |   | $ | 115 |   |   | $ | 11 |   |   | $ | 14 |   |   | $ | 1,719 |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balance:                                    |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     individually evaluated     |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       for impairment |   | $                  | -      |   |                                       | $      | 44     |                                   |   | $      | -                        |   |   | $                      | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 44 |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balance:                                    |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     collectively evaluated     |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       for impairment |   | $                  | 197    |   |                                       | $      | 258    |                                   |   | $      | 85                       |   |   | $                      | 113    |   |   | $ | 442 |   |   | $ | 316 |   |   | $ | 124 |   |   | $ | 115 |   |   | $ | 11 |   |   | $ | 14 |   |   | $ | 1,675 |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                              |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending Balance                                     |   | $                  | 70,241 |   |                                       | $      | 16,971 |                                   |   | $      | 14,112                   |   |   | $                      | 14,062 |   |   | $ | 27,485 |   |   | $ | 12,561 |   |   | $ | 16,563 |   |   | $ | 9,828 |   |   | $ | 726 |   |   | $ | 674 |   |   | $ | 183,223 |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balance:                                    |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     individually evaluated     |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       for impairment |   | $                  | -      |   |                                       | $      | 741    |                                   |   | $      | -                        |   |   | $                      | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 741 |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balance:                                    |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     collectively evaluated     |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       for impairment |   | $                  | 70,241 |   |                                       | $      | 16,230 |                                   |   | $      | 14,112                   |   |   | $                      | 14,062 |   |   | $ | 27,485 |   |   | $ | 12,561 |   |   | $ | 16,563 |   |   | $ | 9,828 |   |   | $ | 726 |   |   | $ | 674 |   |   | $ | 182,482 |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At December 31, 2010                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for loan losses                          |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending Balance                                     |   | $                  | 233    |   |                                       | $      | 320    |                                   |   | $      | 60                       |   |   | $                      | 106    |   |   | $ | 431 |   |   | $ | 304 |   |   | $ | 93 |   |   | $ | 83 |   |   | $ | 6 |   |   | $ | 15 |   |   | $ | 1,651 |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balance:                                    |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     individually evaluated     |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       for impairment |   | $                  | -      |   |                                       | $      | 36     |                                   |   | $      | -                        |   |   | $                      | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 36 |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balance:                                    |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     collectively evaluated     |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       for impairment |   | $                  | 233    |   |                                       | $      | 284    |                                   |   | $      | 60                       |   |   | $                      | 106    |   |   | $ | 431 |   |   | $ | 304 |   |   | $ | 93 |   |   | $ | 83 |   |   | $ | 6 |   |   | $ | 15 |   |   | $ | 1,615 |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                              |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending Balance                                     |   | $                  | 70,685 |   |                                       | $      | 17,305 |                                   |   | $      | 11,892                   |   |   | $                      | 14,121 |   |   | $ | 27,688 |   |   | $ | 12,475 |   |   | $ | 16,725 |   |   | $ | 7,730 |   |   | $ | 733 |   |   | $ | 726 |   |   | $ | 180,080 |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balance:                                    |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     individually evaluated     |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       for impairment |   | $                  | 208    |   |                                       | $      | 45     |                                   |   | $      | -                        |   |   | $                      | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 253 |   |
|                                               |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balance:                                    |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     collectively evaluated     |   |               |   |   |                                       |   |   |                                   |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       for impairment |   | $                  | 70,477 |   |                                       | $      | 17,260 |                                   |   | $      | 11,892                   |   |   | $                      | 14,121 |   |   | $ | 27,688 |   |   | $ | 12,475 |   |   | $ | 16,725 |   |   | $ | 7,730 |   |   | $ | 733 |   |   | $ | 726 |   |   | $ | 179,827 |   |

----

Table of Contents

|                                                                     |   | Loans delinquent for: |   |   |         |   |   |    |   |   |     |   |   | 90 days |   |   |   |   |
|--------------------------------------------------------------------------|--------|-----------------------|--------|--------|--------------|--------|--------|---------|--------|--------|----------|--------|--------|---------|--------|--------|--------|--------|
|                                                                     |   |                  |   |   |         |   |   | 90 days |   |   | Total    |   |   | Total   |   |   | Total  |   |   | or more |   |   | Non-accrual |   |
|                                                                     |   | 30 - 59 Days          |   |   | 60 - 89 Days |   |   | or more |   |   | Past Due |   |   | Current |   |   | Loans  |   |   | and accruing |   |   | Loans |   |
|                                                                     |   | (In thousands)        |   |
| At March 31, 2011:                                                       |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |
|                                                                     |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Residential loans:                                                       |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |
|     One-to-four family                               |   | $                     | -      |   |         | $      | -      |    |   | $      | -        |   |   | $       | -      |   |   | $      | 70,241 |   |   | $ | 70,241 |   |   | $ | - |   |   | $ | - |   |
|     Home equity loans and  lines of credit |   |                  | -      |   |         |   | 697    |    |   |   | 44       |   |   |    | 741    |   |   |   | 16,230 |   |   |   | 16,971 |   |   |   | - |   |   |   | 741 |   |
|                                                                     |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Commercial loans:                                                  |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     One-to-four family investment property           |   |                  | -      |   |         |   | -      |    |   |   | -        |   |   |    | -      |   |   |   | 14,112 |   |   |   | 14,112 |   |   |   | - |   |   |   | - |   |
|     Multi-family real estate                         |   |                  | -      |   |         |   | -      |    |   |   | -        |   |   |    | -      |   |   |   | 14,062 |   |   |   | 14,062 |   |   |   | - |   |   |   | - |   |
|     Commercial real estate                           |   |                  | 925    |   |         |   | 313    |    |   |   | -        |   |   |    | 1,238  |   |   |   | 26,247 |   |   |   | 27,485 |   |   |   | - |   |   |   | - |   |
|     Commercial business                              |   |                  | -      |   |         |   | 825    |    |   |   | -        |   |   |    | 825    |   |   |   | 11,736 |   |   |   | 12,561 |   |   |   | - |   |   |   | - |   |
|                                                                     |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Construction loans:                                                      |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     One-to-four family                               |   |                  | 732    |   |         |   | -      |    |   |   | -        |   |   |    | 732    |   |   |   | 15,831 |   |   |   | 16,563 |   |   |   | - |   |   |   | - |   |
|     Multi-family                                     |   |                  | -      |   |         |   | -      |    |   |   | -        |   |   |    | -      |   |   |   | 9,828 |   |   |   | 9,828 |   |   |   | - |   |   |   | - |   |
|     Non-residential                                  |   |                  | 490    |   |         |   | -      |    |   |   | -        |   |   |    | 490    |   |   |   | 236 |   |   |   | 726 |   |   |   | - |   |   |   | - |   |
|                                                                     |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer                                                                 |   |                  | 16     |   |         |   | 4      |    |   |   | -        |   |   |    | 20     |   |   |   | 654 |   |   |   | 674 |   |   |   | - |   |   |   | - |   |
|                                                                     |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                                    |   | $                     | 2,163  |   |         | $      | 1,839  |    |   | $      | 44       |   |   | $       | 4,046  |   |   | $      | 179,177 |   |   | $ | 183,223 |   |   | $ | - |   |   | $ | 741 |   |
|                                                                     |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At December 31, 2010:                                                    |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                     |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential loans:                                                       |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     One-to-four family                               |   | $                     | 391    |   |         | $      | 138    |    |   | $      | -        |   |   | $       | 529    |   |   | $      | 70,156 |   |   | $ | 70,685 |   |   | $ | - |   |   | $ | - |   |
|     Home equity loans and  lines of credit |   |                  | 19     |   |         |   | -      |    |   |   | 45       |   |   |    | 64     |   |   |   | 17,241 |   |   |   | 17,305 |   |   |   | - |   |   |   | 45 |   |
|                                                                     |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Commercial loans:                                                  |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     One-to-four family investment property           |   |                  | -      |   |         |   | -      |    |   |   | -        |   |   |    | -      |   |   |   | 11,892 |   |   |   | 11,892 |   |   |   | - |   |   |   | - |   |
|     Multi-family real estate                         |   |                  | -      |   |         |   | -      |    |   |   | -        |   |   |    | -      |   |   |   | 14,121 |   |   |   | 14,121 |   |   |   | - |   |   |   | - |   |
|     Commercial real estate                           |   |                  | 314    |   |         |   | -      |    |   |   | -        |   |   |    | 314    |   |   |   | 27,374 |   |   |   | 27,688 |   |   |   | - |   |   |   | - |   |
|     Commercial business                              |   |                  | -      |   |         |   | -      |    |   |   | -        |   |   |    | -      |   |   |   | 12,475 |   |   |   | 12,475 |   |   |   | - |   |   |   | - |   |
|                                                                     |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Construction loans:                                                      |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     One-to-four family                               |   |                  | -      |   |         |   | -      |    |   |   | -        |   |   |    | -      |   |   |   | 16,725 |   |   |   | 16,725 |   |   |   | - |   |   |   | - |   |
|     Multi-family                                     |   |                  | -      |   |         |   | -      |    |   |   | -        |   |   |    | -      |   |   |   | 7,730 |   |   |   | 7,730 |   |   |   | - |   |   |   | - |   |
|     Non-residential                                  |   |                  | -      |   |         |   | -      |    |   |   | -        |   |   |    | -      |   |   |   | 733 |   |   |   | 733 |   |   |   | - |   |   |   | - |   |
|                                                                     |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer                                                                 |   |                  | 9      |   |         |   | 1      |    |   |   | -        |   |   |    | 10     |   |   |   | 716 |   |   |   | 726 |   |   |   | - |   |   |   | - |   |
|                                                                     |   |                  |   |   |         |   |   |    |   |   |     |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                                    |   | $                     | 733    |   |         | $      | 139    |    |   | $      | 45       |   |   | $       | 917    |   |   | $      | 179,163 |   |   | $ | 180,080 |   |   | $ | - |   |   | $ | 45 |   |

----

Table of Contents

|                                                                     |   |           |   |   | Unpaid    |   |   |      |   |   | Average    |   |   | Interest   |   |
|--------------------------------------------------------------------------|--------|----------------|--------|--------|-----------|--------|--------|-----------|--------|--------|------------|--------|--------|------------|--------|
|                                                                     |   | Recorded       |   |   | Principal |   |   | Related   |   |   | Recorded   |   |   | Income     |   |
|                                                                     |   | Investment     |   |   | Balance   |   |   | Allowance |   |   | Investment |   |   | Recognized |   |
|                                                                     |   | (In thousands) |   |
| At March 31, 2011                                                        |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |
|                                                                     |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |
| Impaired loans without a valuation allowance                             |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |
|                                                                     |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |
| Residential loans:                                                       |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |
|     One-to-four family                               |   | $              | -      |   |      | $      | -      |      |   | $      | -          |   |   | $          | -      |   |   | $ | - |   |
|     Home equity loans and  lines of credit |   |           | 697    |   |      |   | 697    |      |   |   | -          |   |   |       | 100    |   |   |   | - |   |
|  Commercial loans:                                                  |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|     One-to-four family investment property           |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Multi-family real estate                         |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Commercial real estate                           |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Commercial business                              |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Construction loans:                                                      |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|     One-to-four family                               |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Multi-family                                     |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Non-residential                                  |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Consumer                                                                 |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Total impaired with no related allowance                                 |   | $              | 697    |   |      | $      | 697    |      |   | $      | -          |   |   | $          | 100    |   |   | $ | - |   |
|                                                                     |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
| Impaired loans with a valuation allowance                                |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|                                                                     |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
| Residential loans:                                                       |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|     One-to-four family                               |   | $              | -      |   |      | $      | -      |      |   | $      | -          |   |   | $          | -      |   |   | $ | - |   |
|     Home equity loans and  lines of credit |   |           | 44     |   |      |   | 44     |      |   |   | 44         |   |   |       | 44     |   |   |   | - |   |
| Commercial loans:                                                        |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|     One-to-four family investment property           |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Multi-family real estate                         |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Commercial real estate                           |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Commercial business                              |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Construction loans:                                                      |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|     One-to-four family                               |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Multi-family                                     |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Non-residential                                  |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Consumer                                                                 |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Total with an allowance recorded                                         |   | $              | 44     |   |      | $      | 44     |      |   | $      | 44         |   |   | $          | 44     |   |   | $ | - |   |
|                                                                     |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
| At December 31, 2010                                                     |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|                                                                     |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
| Impaired loans without a valuation allowance                             |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|                                                                     |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
| Residential loans:                                                       |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|     One-to-four family                               |   | $              | 208    |   |      | $      | 208    |      |   | $      | -          |   |   | $          | 209    |   |   | $ | 5 |   |
|     Home equity loans and  lines of credit |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|  Commercial loans:                                                  |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|     One-to-four family investment property           |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Multi-family real estate                         |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Commercial real estate                           |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Commercial business                              |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Construction loans:                                                      |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|     One-to-four family                               |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Multi-family                                     |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Non-residential                                  |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Consumer                                                                 |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Total impaired with no related allowance                                 |   | $              | 208    |   |      | $      | 208    |      |   | $      | -          |   |   | $          | 209    |   |   | $ | 5 |   |
|                                                                     |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
| Impaired loans with a valuation allowance                                |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|                                                                     |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
| Residential loans:                                                       |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|     One-to-four family                               |   | $              | -      |   |      | $      | -      |      |   | $      | -          |   |   | $          | -      |   |   | $ | - |   |
|     Home equity loans and  lines of credit |   |           | 45     |   |      |   | 45     |      |   |   | 36         |   |   |       | 47     |   |   |   | 1 |   |
| Commercial loans:                                                        |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|     One-to-four family investment property           |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Multi-family real estate                         |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Commercial real estate                           |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Commercial business                              |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Construction loans:                                                      |   |           |   |   |      |   |   |      |   |   |       |   |   |       |   |   |   |   |   |   |
|     One-to-four family                               |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Multi-family                                     |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
|     Non-residential                                  |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Consumer                                                                 |   |           | -      |   |      |   | -      |      |   |   | -          |   |   |       | -      |   |   |   | - |   |
| Total with an allowance recorded                                         |   | $              | 45     |   |      | $      | 45     |      |   | $      | 36         |   |   | $          | 47     |   |   | $ | 1 |   |

----

Table of Contents

|                                |   | Residential        |   |   | Commercial                                 |   |   | Construction                                     |   |   |                     |   |   |                   |   |
|-------------------------------------|--------|--------------------|--------|--------|--------------------------------------------|--------|--------|--------------------------------------------------|--------|--------|--------------------------|--------|--------|------------------------|--------|
|                                |   | One-to-four family |   |   | Home equity loans and lines of credit |   |   | One-to-four family investment property |   |   | Multi-family real estate |   |   | Commercial real estate |   |   | Commercial business |   |   | One-to-four family |   |   | Multi-family |   |   | Non-residential |   |   | Consumer |   |   | Total |   |
|                                |   | (In thousands)     |   |
| At March 31, 2011:                  |   |               |   |   |                                       |   |   |                                             |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                |   |               |   |   |                                       |   |   |                                             |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Classification:                     |   |               |   |   |                                       |   |   |                                             |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Pass                    |   | $                  | 70,241 |   |                                       | $      | 16,230 |                                             |   | $      | 13,717                   |   |   | $                      | 14,062 |   |   | $ | 23,930 |   |   | $ | 11,719 |   |   | $ | 15,831 |   |   | $ | 9,828 |   |   | $ | 236 |   |   | $ | 674 |   |   | $ | 176,468 |   |
|   Special mention         |   |               | -      |   |                                       |   | -      |                                             |   |   | 395                      |   |   |                   | -      |   |   |   | 3,555 |   |   |   | 842 |   |   |   | 732 |   |   |   | - |   |   |   | 490 |   |   |   | - |   |   |   | 6,014 |   |
|   Substandard             |   |               | -      |   |                                       |   | 697    |                                             |   |   | -                        |   |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 697 |   |
|   Doubtful                |   |               | -      |   |                                       |   | -      |                                             |   |   | -                        |   |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|   Loss                    |   |               | -      |   |                                       |   | 44     |                                             |   |   | -                        |   |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 44 |   |
|     Total loans |   | $                  | 70,241 |   |                                       | $      | 16,971 |                                             |   | $      | 14,112                   |   |   | $                      | 14,062 |   |   | $ | 27,485 |   |   | $ | 12,561 |   |   | $ | 16,563 |   |   | $ | 9,828 |   |   | $ | 726 |   |   | $ | 674 |   |   | $ | 183,223 |   |
|                                |   |               |   |   |                                       |   |   |                                             |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At December 31, 2010:               |   |               |   |   |                                       |   |   |                                             |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                |   |               |   |   |                                       |   |   |                                             |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Classification:                     |   |               |   |   |                                       |   |   |                                             |   |   |                     |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Pass                    |   | $                  | 70,477 |   |                                       | $      | 17,260 |                                             |   | $      | 11,495                   |   |   | $                      | 14,121 |   |   | $ | 24,119 |   |   | $ | 12,475 |   |   | $ | 16,725 |   |   | $ | 7,730 |   |   | $ | 733 |   |   | $ | 726 |   |   | $ | 175,861 |   |
|   Special mention         |   |               | -      |   |                                       |   | -      |                                             |   |   | 397                      |   |   |                   | -      |   |   |   | 3,569 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,966 |   |
|   Substandard             |   |               | 208    |   |                                       |   | 45     |                                             |   |   | -                        |   |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 253 |   |
|   Doubtful                |   |               | -      |   |                                       |   | -      |                                             |   |   | -                        |   |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|   Loss                    |   |               | -      |   |                                       |   | -      |                                             |   |   | -                        |   |   |                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|     Total loans |   | $                  | 70,685 |   |                                       | $      | 17,305 |                                             |   | $      | 11,892                   |   |   | $                      | 14,121 |   |   | $ | 27,688 |   |   | $ | 12,475 |   |   | $ | 16,725 |   |   | $ | 7,730 |   |   | $ | 733 |   |   | $ | 726 |   |   | $ | 180,080 |   |

----

Table of Contents

----

Table of Contents

|                                    |   |               |   |   |   |   |
|-----------------------------------------|--------|--------------------|--------|--------|--------|--------|
|                                    |   | Three Months Ended |   |
|                                    |   | March 31,          |   |
|                                    |   | 2011               |   |   | 2010   |   |
|                                    |   | (In thousands)     |   |
|                                    |   |               |   |   |   |   |
| Mortgage servicing rights:              |   |               |   |   |   |   |
| Balance at beginning of period          |   | $                  | 424    |   |   | $      | 183 |   |
| Additions                               |   |               | 30     |   |   |   | 16 |   |
| Disposals                               |   |               | -      |   |   |   | - |   |
| Amortization                            |   |               | (25    | )      |   |   | (2 | ) |
| Balance at end of period                |   |               | 429    |   |   |   | 197 |   |
|                                    |   |               |   |   |   |   |   |   |
| Valuation allowances:                   |   |               |   |   |   |   |   |   |
| Balance at beginning of period          |   |               | 4      |   |   |   | - |   |
| Additions                               |   |               | -      |   |   |   | - |   |
| Recoveries                              |   |               | -      |   |   |   | - |   |
| Write-downs                             |   |               | -      |   |   |   | - |   |
| Balance at end of period                |   |               | 4      |   |   |   | - |   |
|                                    |   |               |   |   |   |   |   |   |
| Mortgage servicing assets, net          |   | $                  | 425    |   |   | $      | 197 |   |
|                                    |   |               |   |   |   |   |   |   |
| Fair value of mortgage servicing assets |   | $                  | 497    |   |   | $      | 209 |   |
|                                    |   |               |   |   |   |   |   |   |

----

Table of Contents

|                                            |   |           |   |   |    |   |   |    |   |   |          |   |
|-------------------------------------------------|--------|----------------|--------|--------|---------|--------|--------|---------|--------|--------|---------------|--------|
|                                            |   |           |   |   |    |   |   |    |   |   | Assets        |   |
|                                            |   | Level 1        |   |   | Level 2 |   |   | Level 3 |   |   | at Fair Value |   |
|                                            |   | (In thousands) |   |
| At March 31, 2011                               |   |           |   |   |    |   |   |    |   |   |          |   |
|                                            |   |           |   |   |    |   |   |    |   |   |          |   |
| Assets                                          |   |           |   |   |    |   |   |    |   |   |          |   |
|    Securities available for sale |   | $              | -      |   |    | $      | 6,253  |    |   | $      | -             |   |   | $ | 6,253 |   |
|                                            |   |           |   |   |    |   |   |    |   |   |          |   |   |   |   |   |
|                                            |   |           |   |   |    |   |   |    |   |   |          |   |   |   |   |   |
| At December 31, 2010                            |   |           |   |   |    |   |   |    |   |   |          |   |   |   |   |   |
|                                            |   |           |   |   |    |   |   |    |   |   |          |   |   |   |   |   |
| Assets                                          |   |           |   |   |    |   |   |    |   |   |          |   |   |   |   |   |
|    Securities available for sale |   | $              | -      |   |    | $      | 7,219  |    |   | $      | -             |   |   | $ | 7,219 |   |
|                                            |   |           |   |   |    |   |   |    |   |   |          |   |   |   |   |   |

|                    |   |           |   |   |    |   |   |    |   |   | Assets        |   |
|-------------------------|--------|----------------|--------|--------|---------|--------|--------|---------|--------|--------|---------------|--------|
|                    |   | Level 1        |   |   | Level 2 |   |   | Level 3 |   |   | at Fair Value |   |
|                    |   | (In thousands) |   |
| At March 31, 2011       |   |           |   |   |    |   |   |    |   |   |          |   |
|                    |   |           |   |   |    |   |   |    |   |   |          |   |
| Impaired loans          |   | $              | -      |   |    | $      | -      |    |   | $      | 697           |   |   | $ | 697 |   |
| Other real estate owned |   |           | -      |   |    |   | -      |    |   |   | 53            |   |   |   | 53 |   |
|                    |   | $              | -      |   |    | $      | -      |    |   | $      | 750           |   |   | $ | 750 |   |
|                    |   |           |   |   |    |   |   |    |   |   |          |   |   |   |   |   |
|                    |   |           |   |   |    |   |   |    |   |   |          |   |   |   |   |   |
|                    |   |           |   |   |    |   |   |    |   |   |          |   |   | Assets |   |
|                    |   | Level 1        |   |   | Level 2 |   |   | Level 3 |   |   | at Fair Value |   |
|                    |   | (In thousands) |   |
| At December 31, 2010    |   |           |   |   |    |   |   |    |   |   |          |   |   |   |   |   |
|                    |   |           |   |   |    |   |   |    |   |   |          |   |   |   |   |   |
| Impaired loans          |   | $              | -      |   |    | $      | -      |    |   | $      | 9             |   |   | $ | 9 |   |
| Other real estate owned |   |           | -      |   |    |   | -      |    |   |   | 53            |   |   |   | 53 |   |
|                    |   | $              | -      |   |    | $      | -      |    |   | $      | 62            |   |   | $ | 62 |   |
|                    |   |           |   |   |    |   |   |    |   |   |          |   |   |   |   |   |

----

Table of Contents

|                                 |   | Fair Value Measurements               |   |
|--------------------------------------|--------|---------------------------------------|--------|
|                                 |   | Using Significant Unobservable Inputs |   |
|                                 |   | Level 3                               |   |
|                                 |   | Impaired Loans                        |   |   | Other Real Estate Owned |   |
|                                 |   |                                  |   |   |   |   |
| Beginning balance, December 31, 2010 |   | $                                     | 9      |   |   | $ | 53 |   |
| Transfers in and/or out of level 3   |   |                                  | 688    |   |   |   | - |   |
| Ending balance, March 31, 2011       |   | $                                     | 697    |   |   | $ | 53 |   |
|                                 |   |                                  |   |   |   |   |   |   |

----

Table of Contents

|                                              |   | March 31, 2011 |    |   | December 31, 2010 |   |
|---------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                                              |   | Carrying       |    |   | Fair              |   |   | Carrying |   |   | Fair |   |
|                                              |   | Amount         |    |   | Value             |   |   | Amount |   |   | Value |   |
|                                              |   | (In thousands) |    |
| Financial assets:                                 |   |           |    |   |              |   |   |   |   |   |   |   |
|   Cash and cash equivalents             |   | $              | 3,294   |   |              | $      | 3,294 |   |   | $ | 3,298 |   |   | $ | 3,298 |   |
|   Securities available for sale         |   |           | 6,253   |   |              |   | 6,253 |   |   |   | 7,219 |   |   |   | 7,219 |   |
|   Securities held to maturity           |   |           | 2,938   |   |              |   | 3,116 |   |   |   | 3,202 |   |   |   | 3,398 |   |
|   FHLB stock                            |   |           | 3,111   |   |              |   | 3,111 |   |   |   | 3,111 |   |   |   | 3,111 |   |
|   Loans held for sale                   |   |           | -       |   |              |   | - |   |   |   | 685 |   |   |   | 693 |   |
|   Loans, net                            |   |           | 181,597 |   |              |   | 183,833 |   |   |   | 178,524 |   |   |   | 180,972 |   |
|   Accrued interest receivable           |   |           | 814     |   |              |   | 814 |   |   |   | 777 |   |   |   | 777 |   |
|   Capitalized mortgage servicing rights |   |           | 425     |   |              |   | 497 |   |   |   | 420 |   |   |   | 461 |   |
|                                              |   |           |    |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities:                            |   |           |    |   |              |   |   |   |   |   |   |   |   |   |   |   |
|   Deposits                              |   |           | 150,197 |   |              |   | 150,542 |   |   |   | 151,463 |   |   |   | 151,859 |   |
|   Securities sold under agreements      |   |           |    |   |              |   |   |   |   |   |   |   |   |   |   |   |
|       to repurchase |   |           | 380     |   |              |   | 380 |   |   |   | 491 |   |   |   | 491 |   |
|   Short-term FHLB advances              |   |           | 6,800   |   |              |   | 6,800 |   |   |   | 3,500 |   |   |   | 3,500 |   |
|   Long-term FHLB advances               |   |           | 27,167  |   |              |   | 27,705 |   |   |   | 28,182 |   |   |   | 28,774 |   |
|   Mortgagers' escrow accounts           |   |           | 597     |   |              |   | 597 |   |   |   | 598 |   |   |   | 598 |   |
|   Accrued interest payable              |   |           | 89      |   |              |   | 89 |   |   |   | 88 |   |   |   | 88 |   |

----

Table of Contents

|                             |   | Stock Options    |   |
|----------------------------------|--------|------------------|--------|
|                             |   | Number of Shares |   |   | Weighted Average Exercise Price |   |   | Weighted Average Remaining Contractual Term (years) |   |   | Aggregate Intrinsic Value |   |
|                             |   |             |   |   |   |   |   |   |   |   |   |   |
| Outstanding at beginning of year |   |             | 24,000 |   |   | $ | 6.72 |   |   |   |   |   |   |   |
|   Granted              |   |             | 25,998 |   |   | $ | 6.88 |   |   |   |   |   |   |   |
|   Forfeited            |   |             | (7,650 | ) |   | $ | 6.81 |   |   |   |   |   |   |   |
|                             |   |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding at end of period     |   |             | 42,348 |   |   | $ | 6.80 |   |   |   | 9.42 |   |   | $ | 8,378 |   |
|                             |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exercisable at end of period     |   |             | 5,796  |   |   | $ | 6.72 |   |   |   | 8.90 |   |   | $ | 1,623 |   |
|                             |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                             |   | Non-vested       |   |
|----------------------------------|--------|------------------|--------|
|                             |   | Restricted Stock |   |
|                             |   | Number of Shares |   |   | Weighted Average Grant Date Value |   |
|                             |   |             |   |   |   |   |
| Outstanding at beginning of year |   |             | 24,000 |   |   | $ | 5.20 |   |
|   Granted              |   |             | 25,998 |   |   | $ | 6.50 |   |
|   Forfeited            |   |             | (7,650 | ) |   | $ | 5.92 |   |
|   Vested               |   |             | (5,796 | ) |   | $ | 5.20 |   |
|                             |   |             |   |   |   |   |   |   |
| Outstanding at end of period     |   |             | 36,552 |   |   | $ | 5.97 |   |
|                             |   |             |   |   |   |   |   |   |

e

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                                           |   | At                     |    |   | At           |   |
|----------------------------------------------------------------|--------|------------------------|---------|--------|--------------|--------|
|                                                           |   | March 31,              |    |   | December 31, |   |
|                                                           |   | 2011                   |    |   | 2010         |   |
|                                                           |   | Amount                 |    |   | Percent      |   |   | Amount |   |   | Percent |   |
|                                                           |   | (Dollars in thousands) |    |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |
| Residential loans:                                             |   |                   |    |   |         |   |   |   |   |   |   |   |
|     One-to-four family                     |   | $                      | 70,241  |   |         |   | 38.34 | % |   | $ | 70,685 |   |   |   | 39.25 | % |
|     Home equity loans                      |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
|      and lines of credit              |   |                   | 16,971  |   |         |   | 9.26 |   |   |   | 17,305 |   |   |   | 9.61 |   |
| Total residential mortgage loans                               |   |                   | 87,212  |   |         |   | 47.60 |   |   |   | 87,990 |   |   |   | 48.86 |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Commercial loans:                                              |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
|     One-to-four family investment property |   |                   | 14,112  |   |         |   | 7.70 |   |   |   | 11,892 |   |   |   | 6.60 |   |
|     Multi-family real estate               |   |                   | 14,062  |   |         |   | 7.67 |   |   |   | 14,121 |   |   |   | 7.84 |   |
|     Commercial real estate                 |   |                   | 27,485  |   |         |   | 15.00 |   |   |   | 27,688 |   |   |   | 15.38 |   |
|     Commercial business                    |   |                   | 12,561  |   |         |   | 6.86 |   |   |   | 12,475 |   |   |   | 6.93 |   |
| Total commercial loans                                         |   |                   | 68,220  |   |         |   | 37.23 |   |   |   | 66,176 |   |   |   | 36.75 |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Construction loans:                                            |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
|     One-to-four family                     |   |                   | 16,563  |   |         |   | 9.04 |   |   |   | 16,725 |   |   |   | 9.29 |   |
|     Multi-family                           |   |                   | 9,828   |   |         |   | 5.36 |   |   |   | 7,730 |   |   |   | 4.29 |   |
|     Non-residential                        |   |                   | 726     |   |         |   | 0.40 |   |   |   | 733 |   |   |   | 0.41 |   |
| Total construction loans                                       |   |                   | 27,117  |   |         |   | 14.80 |   |   |   | 25,188 |   |   |   | 13.99 |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Consumer                                                       |   |                   | 674     |   |         |   | 0.37 |   |   |   | 726 |   |   |   | 0.40 |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Total loans:                                                   |   |                   | 183,223 |   |         |   | 100.00 | % |   |   | 180,080 |   |   |   | 100.00 | % |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Other items:                                                   |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Net deferred loan costs                                        |   |                   | 93      |   |         |   |   |   |   |   | 95 |   |   |   |   |   |
| Allowance for loan losses                                      |   |                   | (1,719  | )      |         |   |   |   |   |   | (1,651 | ) |   |   |   |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Total loans, net                                               |   | $                      | 181,597 |   |         |   |   |   |   | $ | 178,524 |   |   |   |   |   |
|                                                           |   |                   |    |   |         |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

|                                        |   | At March 31,           |   |   | At December 31, |   |
|---------------------------------------------|--------|------------------------|--------|--------|-----------------|--------|
|                                        |   | 2011                   |   |   | 2010            |   |
|                                        |   | (Dollars in thousands) |   |
|                                        |   |                   |   |   |            |   |
| Non-accrual loans:                          |   |                   |   |   |            |   |
| Residential mortgage loans                  |   | $                      | 741    |   |            | $      | 45 |   |
| Commercial loans                            |   |                   | -      |   |            |   | - |   |
| Construction loans                          |   |                   | -      |   |            |   | - |   |
| Consumer                                    |   |                   | -      |   |            |   | - |   |
|                                        |   |                   |   |   |            |   |   |   |
| Total non-accrual loans                     |   |                   | 741    |   |            |   | 45 |   |
|                                        |   |                   |   |   |            |   |   |   |
| 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                          |   |                   | -      |   |            |   | 208 |   |
|                                        |   |                   |   |   |            |   |   |   |
| Total non-performing loans                  |   |                   | 741    |   |            |   | 253 |   |
|                                        |   |                   |   |   |            |   |   |   |
| Real estate owned                           |   |                   | 53     |   |            |   | 53 |   |
|                                        |   |                   |   |   |            |   |   |   |
| Total non-performing assets                 |   | $                      | 794    |   |            | $      | 306 |   |
|                                        |   |                   |   |   |            |   |   |   |
| Ratios:                                     |   |                   |   |   |            |   |   |   |
| Non-performing loans to total loans         |   |                   | 0.40   | %      |            |   | 0.14 | % |
| Non-performing assets to total assets       |   |                   | 0.39   | %      |            |   | 0.15 | % |
|                                        |   |                   |   |   |            |   |   |   |

----

Table of Contents

----

Table of Contents

|                                                        | At March 31, |        |    | Three Months Ended March 31, |     |
|-------------------------------------------------------------|--------------|-------------|---------|------------------------------|----------|
|                                                        |         | 2011        |    |                         | 2011     |   |   | 2010 |   |
|                                                        |         |        |    |                         | Weighted |   |   | Average |   |   |   |   |   |   |   |   | Average |   |   |   |   |   |   |   |
|                                                        |         | Outstanding |    |                         | Average  |   |   | Outstanding |   |   |   |   |   | Yield/ |   |   | Outstanding |   |   |   |   |   | Yield/ |   |
|                                                        |         | Balance     |    |                         | Rate     |   |   | Balance |   |   | Interest |   |   | Rate |   |   | Balance |   |   | Interest |   |   | Rate |   |
|                                                        |         |        |    |                         |     |   |   | (Dollars in thousands) |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning assets:                                    |         |        |    |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                       |         | $           | 183,316 |                         |     |   | 5.90 | % |   | $ | 182,802 |   |   | $ | 2,698 |   |   |   | 5.90 | % |   | $ | 171,936 |   |   | $ | 2,537 |   |   |   | 5.90 | % |
| Investment securities (1)                                   |         |        | 12,302  |                         |     |   | 3.08 | % |   |   | 12,889 |   |   |   | 99 |   |   |   | 3.07 | % |   |   | 18,788 |   |   |   | 157 |   |   |   | 3.34 | % |
| Short-term investments                                      |         |        | 1,160   |                         |     |   | 0.03 | % |   |   | 428 |   |   |   | - |   |   |   | 0.00 | % |   |   | 2,173 |   |   |   | - |   |   |   | 0.00 | % |
|      Total interest-earning assets |         |        | 196,778 |                         |     |   | 5.68 | % |   |   | 196,119 |   |   |   | 2,797 |   |   |   | 5.70 | % |   |   | 192,897 |   |   |   | 2,694 |   |   |   | 5.59 | % |
| Non-interest-earning assets                                 |         |        | 9,413   |                         |     |   |   |   |   |   | 9,730 |   |   |   | - |   |   |   |   |   |   |   | 10,011 |   |   |   | - |   |   |   |   |   |
| Total assets                                                |         | $           | 206,191 |                         |     |   |   |   |   | $ | 205,849 |   |   |   | 2,797 |   |   |   |   |   |   | $ | 202,908 |   |   |   | 2,694 |   |   |   |   |   |
|                                                        |         |        |    |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                               |         |        |    |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savings deposits                                            |         | $           | 12,099  |                         |     |   | 0.21 | % |   | $ | 12,159 |   |   |   | 6 |   |   |   | 0.20 | % |   | $ | 12,071 |   |   |   | 5 |   |   |   | 0.17 | % |
| NOW accounts                                                |         |        | 15,597  |                         |     |   | 0.42 | % |   |   | 14,525 |   |   |   | 16 |   |   |   | 0.44 | % |   |   | 12,265 |   |   |   | 13 |   |   |   | 0.42 | % |
| Money market accounts                                       |         |        | 56,837  |                         |     |   | 0.92 | % |   |   | 57,413 |   |   |   | 129 |   |   |   | 0.90 | % |   |   | 39,339 |   |   |   | 100 |   |   |   | 1.02 | % |
| Certificates of deposit                                     |         |        | 50,672  |                         |     |   | 2.12 | % |   |   | 50,640 |   |   |   | 266 |   |   |   | 2.10 | % |   |   | 58,455 |   |   |   | 394 |   |   |   | 2.70 | % |
| Total interest-bearing deposits                             |         |        | 135,205 |                         |     |   | 1.25 | % |   |   | 134,737 |   |   |   | 417 |   |   |   | 1.24 | % |   |   | 122,130 |   |   |   | 512 |   |   |   | 1.68 | % |
| FHLB advances                                               |         |        | 33,967  |                         |     |   | 2.90 | % |   |   | 34,288 |   |   |   | 252 |   |   |   | 2.94 | % |   |   | 44,907 |   |   |   | 351 |   |   |   | 3.13 | % |
| Repurchase agreements                                       |         |        | 380     |                         |     |   | 0.50 | % |   |   | 345 |   |   |   | 1 |   |   |   | 1.16 | % |   |   | 411 |   |   |   | 1 |   |   |   | 0.97 | % |
|     Total interest-bearing liabilities  |         |        | 169,552 |                         |     |   | 1.58 | % |   |   | 169,370 |   |   |   | 670 |   |   |   | 1.58 | % |   |   | 167,448 |   |   |   | 864 |   |   |   | 2.06 | % |
| Non-interest-bearing liabilities:                           |         |        |    |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand deposits                                             |         |        | 14,992  |                         |     |   |   |   |   |   | 15,294 |   |   |   |   |   |   |   |   |   |   |   | 15,836 |   |   |   |   |   |   |   |   |   |
| Other non-interest-bearing liabilities                      |         |        | 2,144   |                         |     |   |   |   |   |   | 1,791 |   |   |   |   |   |   |   |   |   |   |   | 1,810 |   |   |   |   |   |   |   |   |   |
| Total liabilities                                           |         |        | 186,688 |                         |     |   |   |   |   |   | 186,455 |   |   |   |   |   |   |   |   |   |   |   | 185,094 |   |   |   |   |   |   |   |   |   |
| Stockholders' equity                                        |         |        | 19,503  |                         |     |   |   |   |   |   | 19,394 |   |   |   |   |   |   |   |   |   |   |   | 17,814 |   |   |   |   |   |   |   |   |   |
|      Total liabilities and equity  |         | $           | 206,191 |                         |     |   |   |   |   | $ | 205,849 |   |   |   |   |   |   |   |   |   |   | $ | 202,908 |   |   |   |   |   |   |   |   |   |
|                                                        |         |        |    |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income                                         |         |        |    |                         |     |   |   |   |   |   |   |   |   | $ | 2,127 |   |   |   |   |   |   |   |   |   |   | $ | 1,830 |   |   |   |   |   |
| Net interest rate spread (2)                                |         |        |    |                         |     |   | 4.10 | % |   |   |   |   |   |   |   |   |   |   | 4.12 | % |   |   |   |   |   |   |   |   |   |   | 3.53 | % |
| Net interest-earning assets (3)                             |         | $           | 27,226  |                         |     |   |   |   |   | $ | 26,749 |   |   |   |   |   |   |   |   |   |   | $ | 25,449 |   |   |   |   |   |   |   |   |   |
| Net interest margin (4)                                     |         |        |    |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   | 4.34 | % |   |   |   |   |   |   |   |   |   |   | 3.79 | % |
| Average of interest-earning                                 |         |        |    |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      assets to interest-bearing    |         |        |    |                         |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        liabilities            |         |        |    |                         |     |   | 116.06 | % |   |   |   |   |   |   |   |   |   |   | 115.79 | % |   |   |   |   |   |   |   |   |   |   | 115.20 | % |

|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| (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.                                                          |   |   |   |   |   |

----

Table of Contents

|                                                             |   | For the Three Months Ended March 31, 2011 |   |
|------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                             |   | Compared to the Three Months Ended        |   |
|                                                             |   | March 31, 2010                            |   |
|                                                             |   | Increase (Decrease) Due to                |   |   |   |   |
|                                                             |   | Volume                                    |   |   | Rate |   |   | Net |   |
|                                                             |   | (In thousands)                            |   |
|                                                             |   |                                      |   |   |   |   |   |   |   |
| Interest-earning assets:                                         |   |                                      |   |   |   |   |   |   |   |
| Loans                                                            |   | $                                         | 160    |   |   | $ | 1 |   |   | $ | 161 |   |
| Investment securities                                            |   |                                      | (49    | ) |   |   | (9 | ) |   |   | (58 | ) |
| Short-term investments                                           |   |                                      | -      |   |   |   | - |   |   |   | - |   |
|                                                             |   |                                      |   |   |   |   |   |   |   |   |   |   |
|      Total interest-earning assets      |   |                                      | 111    |   |   |   | (8 | ) |   |   | 103 |   |
|                                                             |   |                                      |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                                    |   |                                      |   |   |   |   |   |   |   |   |   |   |
| Savings deposits                                                 |   |                                      | -      |   |   |   | 1 |   |   |   | 1 |   |
| NOW accounts                                                     |   |                                      | 2      |   |   |   | 1 |   |   |   | 3 |   |
| Money market accounts                                            |   |                                      | 46     |   |   |   | (17 | ) |   |   | 29 |   |
| Certificates of deposit                                          |   |                                      | (53    | ) |   |   | (75 | ) |   |   | (128 | ) |
|                                                             |   |                                      |   |   |   |   |   |   |   |   |   |   |
|  Total interest-bearing deposits                            |   |                                      | (5     | ) |   |   | (90 | ) |   |   | (95 | ) |
|                                                             |   |                                      |   |   |   |   |   |   |   |   |   |   |
| FHLB advances                                                    |   |                                      | (83    | ) |   |   | (16 | ) |   |   | (99 | ) |
|                                                             |   |                                      |   |   |   |   |   |   |   |   |   |   |
|      Total interest-bearing liabilities |   |                                      | (88    | ) |   |   | (106 | ) |   |   | (194 | ) |
|                                                             |   |                                      |   |   |   |   |   |   |   |   |   |   |
| Change in net interest income                                    |   | $                                         | 199    |   |   | $ | 98 |   |   | $ | 297 |   |
|                                                             |   |                                      |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

e

|   | Not applicable to smaller reporting companies. |
|--------|------------------------------------------------|

t

----

Table of Contents

R

m

m

m

|   | a) Not applicable |
|--------|-------------------|

|   | b) Not applicable |
|--------|-------------------|

|   | c) The Company did not repurchase any shares during the quarter ended March 31, 2011. |
|--------|---------------------------------------------------------------------------------------|

e

|   | None |
|--------|------|

t

t

|   | a)  Not applicable |
|--------|------------------------------|

e

| 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 |

----

Table of Contents

G

|              | GEORGETOWN BANCORP, INC.                                                                                                 |   |
|-------------------|--------------------------------------------------------------------------------------------------------------------------|--------|
|              |                   (Registrant) |   |
|              |                                                                                                                     |   |
|              |                                                                                                                     |   |
|              |                                                                                                                     |   |
|              |                                                                                                                     |   |
| Date: May 9, 2011 | /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)                                                                             |