----

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| Delaware                                                       | 43-1792717                        |
|----------------------------------------------------------------|-----------------------------------|
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
|                                                           |                              |
| 1341 West Battlefield                                          |                              |
| Springfield, Missouri                                          | 65807                             |
| (Address of principal executive offices)                       | (Zip Code)                        |

| Class                                   | Outstanding as of May 6, 2011 |
|-----------------------------------------|-------------------------------|
| Common Stock, Par Value $0.10 per share | 2,672,359 Shares              |

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GUARANTY 

|                                                                                                           |                                                                       | Page   |
|----------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|--------|
| PART I. FINANCIAL INFORMATION                                                                                  |
|                                                                                                           |                                                                       |   |
| Item 1.  Financial Statements                                                                        |                                                                       |
| Condensed Consolidated Financial Statements (Unaudited):                                                       |                                                                       |
|                                                                                                           | Condensed Consolidated Statements of Financial Condition                   | 3      |
|                                                                                                           | Condensed Consolidated Statements of Income                                | 4      |
|                                                                                                           | Condensed Consolidated Statements of  Stockholders’ Equity | 5      |
|                                                                                                           | Condensed Consolidated Statements of Cash Flows                            | 7      |
|                                                                                                           | Notes to Condensed Consolidated Financial Statements                       | 8      |
|                                                                                                           |                                                                       |   |
| Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations | 22                                                                         |
|                                                                                                           |                                                                       |   |
| Item 3. Quantitative and Qualitative Disclosures about Market Risk                                             | 28                                                                         |
|                                                                                                           |                                                                       |   |
| Item 4. Controls and Procedures                                                                                | 29                                                                         |
|                                                                                                           |                                                                       |   |
| PART II. OTHER INFORMATION                                                                                     |
|                                                                                                           |                                                                       |   |
| Item 1.  Legal Proceedings                                                                           | 30                                                                         |
|                                                                                                           |                                                                       |   |
| Item 1A.  Risk factors                                                                               | 30                                                                         |
|                                                                                                           |                                                                       |   |
| Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                                 | 30                                                                         |
|                                                                                                           |                                                                       |   |
| Item 3.  Defaults Upon Senior Securities                                                             | 30                                                                         |
|                                                                                                           |                                                                       |   |
| Item 4.  (Removed and Reserved)                                                                      | 30                                                                         |
|                                                                                                           |                                                                       |   |
| Item 5.  Other Information                                                                           | 30                                                                         |
|                                                                                                           |                                                                       |   |
| Item 6.  Exhibits                                                                                    | 30                                                                         |
|                                                                                                           |                                                                       |   |
| Signatures                                                                                                     |

----

Table of Contents

FINANCIAL 

| Item 1.  | Financial Statements |
|---------------|----------------------|

| ASSETS                                                                                                                                              |   | 3/31/11 |        |   | 12/31/10 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|-------------|--------|----------|--------|
| Cash                                                                                                                                                |   | $       | 2,994,369   |   |     | $      | 2,968,669 |   |
| Interest-bearing deposits in other financial institutions                                                                                           |   |    | 37,694,911  |   |     |   | 11,176,660 |   |
| Cash and cash equivalents                                                                                                                           |   |    | 40,689,280  |   |     |   | 14,145,329 |   |
| Interest-bearing deposits                                                                                                                           |   |    | 5,587,654   |   |     |   | 12,785,000 |   |
| Available-for-sale securities                                                                                                                       |   |    | 98,727,919  |   |     |   | 96,844,653 |   |
| Held-to-maturity securities                                                                                                                         |   |    | 246,083     |   |     |   | 260,956 |   |
| Stock in Federal Home Loan Bank, at cost                                                                                                            |   |    | 5,025,200   |   |     |   | 5,025,200 |   |
| Mortgage loans held for sale                                                                                                                        |   |    | 280,500     |   |     |   | 2,685,163 |   |
| Loans receivable, net of allowance for loan losses of March 31, 2011 - $12,909,473 - December 31, 2010 - $13,082,703                                |   |    | 492,044,408 |   |     |   | 501,980,385 |   |
| Accrued interest receivable:                                                                                                                        |   |    |        |   |     |   |   |   |
| Loans                                                                                                                                               |   |    | 1,757,204   |   |     |   | 2,058,576 |   |
| Investments and interest-bearing deposits                                                                                                           |   |    | 412,713     |   |     |   | 611,698 |   |
| Prepaid expenses and other assets                                                                                                                   |   |    | 6,932,485   |   |     |   | 6,161,861 |   |
| Prepaid FDIC deposit insurance premiums                                                                                                             |   |    | 2,712,475   |   |     |   | 2,977,356 |   |
| Foreclosed assets held for sale                                                                                                                     |   |    | 10,850,102  |   |     |   | 10,539,867 |   |
| Premises and equipment                                                                                                                              |   |    | 11,295,444  |   |     |   | 11,324,685 |   |
| Bank owned life insurance                                                                                                                           |   |    | 10,529,434  |   |     |   | 10,449,630 |   |
| Deferred income taxes                                                                                                                               |   |    | 4,860,347   |   |     |   | 4,817,761 |   |
|                                                                                                                                                |   | $       | 691,951,248 |   |     | $      | 682,668,120 |   |
|                                                                                                                                                |   |    |        |   |     |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                |   |    |        |   |     |   |   |   |
|                                                                                                                                                |   |    |        |   |     |   |   |   |
| LIABILITIES                                                                                                                                         |   |    |        |   |     |   |   |   |
| Deposits                                                                                                                                            |   | $       | 489,806,563 |   |     | $      | 480,694,273 |   |
| Federal Home Loan Bank advances                                                                                                                     |   |    | 93,050,000  |   |     |   | 93,050,000 |   |
| Securities sold under agreements to repurchase                                                                                                      |   |    | 39,750,000  |   |     |   | 39,750,000 |   |
| Subordinated debentures                                                                                                                             |   |    | 15,465,000  |   |     |   | 15,465,000 |   |
| Advances from borrowers for taxes and insurance                                                                                                     |   |    | 231,450     |   |     |   | 134,002 |   |
| Accrued expenses and other liabilities                                                                                                              |   |    | 633,540     |   |     |   | 655,404 |   |
| Accrued interest payable                                                                                                                            |   |    | 684,795     |   |     |   | 878,675 |   |
|                                                                                                                                                |   |    | 639,621,348 |   |     |   | 630,627,354 |   |
|                                                                                                                                                |   |    |        |   |     |   |   |   |
| COMMITMENTS AND CONTINGENCIES                                                                                                                       |   |    | -           |   |     |   | - |   |
|                                                                                                                                                |   |    |        |   |     |   |   |   |
| STOCKHOLDERS' EQUITY                                                                                                                                |   |    |        |   |     |   |   |   |
| Capital Stock:                                                                                                                                      |   |    |        |   |     |   |   |   |
| Series A preferred stock, $0.01 par value; authorized 2,000,000 shares; issued and outstanding March 31, 2011 and December 31, 2010 - 17,000 shares |   |    | 16,219,241  |   |     |   | 16,150,350 |   |
| Common stock, $0.10 par value; authorized 10,000,000 shares; issued March 31, 2011 and December 31, 2010 - 6,779,800 shares;                        |   |    | 677,980     |   |     |   | 677,980 |   |
| Common stock warrants; March 31, 2011 and December 31, 2010 - 459,459 shares                                                                        |   |    | 1,377,811   |   |     |   | 1,377,811 |   |
| Additional paid-in capital                                                                                                                          |   |    | 58,349,490  |   |     |   | 58,505,046 |   |
| Unearned ESOP shares                                                                                                                                |   |    | (375,930    | )      |     |   | (432,930 | ) |
| Retained earnings, substantially restricted                                                                                                         |   |    | 35,988,485  |   |     |   | 35,746,914 |   |
| Accumulated other comprehensive income                                                                                                              |   |    |        |   |     |   |   |   |
| Unrealized appreciation on available-for-sale securities, net of income taxes                                                                       |   |    | 1,708,981   |   |     |   | 1,843,004 |   |
|                                                                                                                                                |   |    | 113,946,058 |   |     |   | 113,868,175 |   |
| Treasury stock, at cost; March 31, 2011 and December 31, 2010 - 4,070,860 and 4,080,220 shares, respectively                                        |   |    | (61,616,158 | )      |     |   | (61,827,409 | ) |
|                                                                                                                                                |   |    | 52,329,900  |   |     |   | 52,040,766 |   |
|                                                                                                                                                |   | $       | 691,951,248 |   |     | $      | 682,668,120 |   |

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Table of Contents

GUARANTY 

|                                                |   | 3/31/2011 |      |   | 3/31/2010 |   |
|-----------------------------------------------------|--------|-----------|-----------|--------|-----------|--------|
| Interest Income                                     |   |      |      |   |      |   |
| Loans                                               |   | $         | 6,717,072 |   |      | $      | 7,194,253 |   |
| Investment securities                               |   |      | 725,211   |   |      |   | 936,943 |   |
| Other                                               |   |      | 87,835    |   |      |   | 134,086 |   |
|                                                |   |      | 7,530,118 |   |      |   | 8,265,282 |   |
| Interest Expense                                    |   |      |      |   |      |   |   |   |
| Deposits                                            |   |      | 1,599,941 |   |      |   | 2,834,114 |   |
| Federal Home Loan Bank advances                     |   |      | 600,379   |   |      |   | 778,876 |   |
| Subordinated debentures                             |   |      | 206,812   |   |      |   | 255,946 |   |
| Other                                               |   |      | 279,179   |   |      |   | 286,869 |   |
|                                                |   |      | 2,686,311 |   |      |   | 4,155,805 |   |
| Net Interest Income                                 |   |      | 4,843,807 |   |      |   | 4,109,477 |   |
| Provision for Loan Losses                           |   |      | 900,000   |   |      |   | 950,000 |   |
| Net Interest Income After Provision for Loan Losses |   |      | 3,943,807 |   |      |   | 3,159,477 |   |
| Noninterest Income                                  |   |      |      |   |      |   |   |   |
| Service charges                                     |   |      | 339,231   |   |      |   | 378,452 |   |
| Other fees                                          |   |      | 7,197     |   |      |   | 6,478 |   |
| Gain on sale of investment securities               |   |      | 3,704     |   |      |   | 160,275 |   |
| Gain on sale of loans                               |   |      | 278,200   |   |      |   | 298,317 |   |
| Gain (loss) on foreclosed assets                    |   |      | (133,987  | )      |      |   | 44,833 |   |
| Other income                                        |   |      | 263,554   |   |      |   | 286,017 |   |
|                                                |   |      | 757,899   |   |      |   | 1,174,372 |   |
| Noninterest Expense                                 |   |      |      |   |      |   |   |   |
| Salaries and employee benefits                      |   |      | 2,265,151 |   |      |   | 2,065,502 |   |
| Occupancy                                           |   |      | 426,865   |   |      |   | 425,017 |   |
| FDIC deposit insurance premiums                     |   |      | 285,744   |   |      |   | 309,654 |   |
| Data processing                                     |   |      | 139,660   |   |      |   | 107,299 |   |
| Advertising                                         |   |      | 75,000    |   |      |   | 75,000 |   |
| Other expense                                       |   |      | 959,804   |   |      |   | 773,547 |   |
|                                                |   |      | 4,152,224 |   |      |   | 3,756,019 |   |
| Income Before Income Taxes                          |   |      | 549,482   |   |      |   | 577,830 |   |
| Provision for Income Taxes                          |   |      | 26,520    |   |      |   | 101,964 |   |
| Net Income                                          |   |      | 522,962   |   |      |   | 475,866 |   |
| Preferred Stock Dividends and Discount Accretion    |   |      | 281,391   |   |      |   | 281,391 |   |
| Net Income Available to Common Shareholders         |   | $         | 241,571   |   |      | $      | 194,475 |   |
|                                                |   |      |      |   |      |   |   |   |
| Basic Income Per Common Share                       |   | $         | 0.09      |   |      | $      | 0.07 |   |
| Diluted Income Per Common Share                     |   | $         | 0.09      |   |      | $      | 0.07 |   |

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Table of Contents

GUARANTY 

|                                                                                    |   | Preferred Stock |       |   | Common Stock |   |    | Common Stock Warrants |   |   | Additional Paid-In Capital |   |   | Unearned ESOP Shares |       |   | Treasury Stock |   |     | Retained Earnings |   |   | Accumulated Other Comprehensive Income |   |   | Total  |       |
|-----------------------------------------------------------------------------------------|--------|-----------------|------------|--------|--------------|--------|---------|-----------------------|--------|--------|----------------------------|--------|--------|----------------------|------------|--------|----------------|--------|----------|-------------------|--------|--------|----------------------------------------|--------|--------|--------|------------|
| Balance, January 1, 2011                                                                |   | $               | 16,150,350 |   |         | $      | 677,980 |                  |   | $      | 1,377,811                  |   |   | $                    | 58,505,046 |   |           | $      | (432,930 | )                 |   | $      | (61,827,409                            | )      |   | $      | 35,746,914 |   |   | $ | 1,843,004 |   |   | $ | 52,040,766 |   |
| Comprehensive income                                                                    |   |            |       |   |         |   |    |                  |   |   |                       |   |   |                 |       |   |           |   |     |              |   |   |                                   |   |   |   |       |   |   |   |   |   |   |   |   |   |
| Net income                                                                              |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | -          |   |           |   | -        |              |   |   | -                                      |   |   |   | 522,962    |   |   |   | - |   |   |   | 522,962 |   |
| Change in unrealized appreciation on available-for-sale securities, net of income taxes |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | -          |   |           |   | -        |              |   |   | -                                      |   |   |   | -          |   |   |   | (134,023 | ) |   |   | (134,023 | ) |
| Total comprehensive income                                                              |   |            |       |   |         |   |    |                  |   |   |                       |   |   |                 |       |   |           |   |     |              |   |   |                                   |   |   |   |       |   |   |   |   |   |   |   | 388,939 |   |
| Preferred stock discount accretion                                                      |   |            | 68,891     |   |         |   | -       |                  |   |   | -                          |   |   |                 | -          |   |           |   | -        |              |   |   | -                                      |   |   |   | (68,891    | ) |   |   | - |   |   |   | - |   |
| Preferred stock dividends (5%)                                                          |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | -          |   |           |   | -        |              |   |   | -                                      |   |   |   | (212,500   | ) |   |   | - |   |   |   | (212,500 | ) |
| Stock award plans                                                                       |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | 25,749     |   |           |   | -        |              |   |   | -                                      |   |   |   | -          |   |   |   | - |   |   |   | 25,749 |   |
| Treasury stock re-issued                                                                |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | (156,806   | )      |           |   | -        |              |   |   | 256,823                                |   |   |   | -          |   |   |   | - |   |   |   | 100,017 |   |
| Treasury stock purchased                                                                |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | -          |   |           |   | -        |              |   |   | (45,572                                | )      |   |   | -          |   |   |   | - |   |   |   | (45,572 | ) |
| Release of ESOP shares                                                                  |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | (24,499    | )      |           |   | 57,000   |              |   |   | -                                      |   |   |   | -          |   |   |   | - |   |   |   | 32,501 |   |
| Balance, March 31, 2011                                                                 |   | $               | 16,219,241 |   |         | $      | 677,980 |                  |   | $      | 1,377,811                  |   |   | $                    | 58,349,490 |   |           | $      | (375,930 | )                 |   | $      | (61,616,158                            | )      |   | $      | 35,988,485 |   |   | $ | 1,708,981 |   |   | $ | 52,329,900 |   |

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Table of Contents

|                                                                                                                      |   | Preferred Stock |       |   | Common Stock |   |    | Common Stock Warrants |   |   | Additional Paid-In Capital |   |   | Unearned ESOP Shares |       |   | Treasury Stock |   |     | Retained Earnings |   |   | Accumulated Other Comprehensive Income |   |   | Total  |       |
|---------------------------------------------------------------------------------------------------------------------------|--------|-----------------|------------|--------|--------------|--------|---------|-----------------------|--------|--------|----------------------------|--------|--------|----------------------|------------|--------|----------------|--------|----------|-------------------|--------|--------|----------------------------------------|--------|--------|--------|------------|
| Balance, January 1, 2010                                                                                                  |   | $               | 15,874,788 |   |         | $      | 677,980 |                  |   | $      | 1,377,811                  |   |   | $                    | 58,523,646 |   |           | $      | (660,930 | )                 |   | $      | (61,820,869                            | )      |   | $      | 35,741,705 |   |   | $ | 1,696,502 |   |   | $ | 51,410,633 |   |
| Comprehensive income                                                                                                      |   |            |       |   |         |   |    |                  |   |   |                       |   |   |                 |       |   |           |   |     |              |   |   |                                   |   |   |   |       |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | -          |   |           |   | -        |              |   |   | -                                      |   |   |   | 475,866    |   |   |   | - |   |   |   | 475,866 |   |
| Change in unrealized appreciation on available-for-sale securities and effect of interest rate swaps, net of income taxes |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | -          |   |           |   | -        |              |   |   | -                                      |   |   |   | -          |   |   |   | (127,970 | ) |   |   | (127,970 | ) |
| Total comprehensive income                                                                                                |   |            |       |   |         |   |    |                  |   |   |                       |   |   |                 |       |   |           |   |     |              |   |   |                                   |   |   |   |       |   |   |   |   |   |   |   | 347,896 |   |
| Preferred stock discount accretion                                                                                        |   |            | 68,890     |   |         |   | -       |                  |   |   | -                          |   |   |                 | -          |   |           |   | -        |              |   |   | -                                      |   |   |   | (68,890    | ) |   |   | - |   |   |   | - |   |
| Preferred stock dividends (5%)                                                                                            |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | -          |   |           |   | -        |              |   |   | -                                      |   |   |   | (212,500   | ) |   |   | - |   |   |   | (212,500 | ) |
| Stock award plans                                                                                                         |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | 28,399     |   |           |   | -        |              |   |   | -                                      |   |   |   | -          |   |   |   | - |   |   |   | 28,399 |   |
| Treasury stock purchased                                                                                                  |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | -          |   |           |   | -        |              |   |   | (2,012                                 | )      |   |   | -          |   |   |   | - |   |   |   | (2,012 | ) |
| Release of ESOP shares                                                                                                    |   |            | -          |   |         |   | -       |                  |   |   | -                          |   |   |                 | (31,139    | )      |           |   | 57,000   |              |   |   | -                                      |   |   |   | -          |   |   |   | - |   |   |   | 25,861 |   |
| Balance, March 31, 2010                                                                                                   |   | $               | 15,943,678 |   |         | $      | 677,980 |                  |   | $      | 1,377,811                  |   |   | $                    | 58,520,906 |   |           | $      | (603,930 | )                 |   | $      | (61,822,881                            | )      |   | $      | 35,936,181 |   |   | $ | 1,568,532 |   |   | $ | 51,598,277 |   |

----

Table of Contents

GUARANTY 

|                                                               |   | 3/31/2011 |        |   | 3/31/2010 |   |
|--------------------------------------------------------------------|--------|-----------|-------------|--------|-----------|--------|
| CASH FLOWS FROM OPERATING ACTIVITIES                               |   |      |        |   |      |   |
| Net income                                                         |   | $         | 522,962     |   |      | $      | 475,866 |   |
| Items not requiring (providing) cash:                              |   |      |        |   |      |   |   |   |
| Deferred income taxes                                              |   |      | 36,126      |   |      |   | 739,716 |   |
| Depreciation                                                       |   |      | 177,507     |   |      |   | 207,075 |   |
| Provision for loan losses                                          |   |      | 900,000     |   |      |   | 950,000 |   |
| Gain on loans and investment securities                            |   |      | (281,904    | )      |      |   | (458,592 | ) |
| (Gain) loss on sale of foreclosed assets                           |   |      | 51,769      |   |      |   | (90,619 | ) |
| Accretion of gain on termination of interest rate swaps            |   |      | -           |   |      |   | (254,373 | ) |
| Amortization of deferred income, premiums and discounts            |   |      | (9,346      | )      |      |   | (11,650 | ) |
| Stock award plan expense                                           |   |      | 25,749      |   |      |   | 28,399 |   |
| Origination of loans held for sale                                 |   |      | (10,525,511 | )      |      |   | (12,520,610 | ) |
| Proceeds from sale of loans held for sale                          |   |      | 13,208,374  |   |      |   | 14,465,014 |   |
| Release of ESOP shares                                             |   |      | 32,501      |   |      |   | 25,861 |   |
| Treasury shares re-issued                                          |   |      | 100,017     |   |      |   | - |   |
| Increase in cash surrender value of bank owned life insurance      |   |      | (79,804     | )      |      |   | (100,146 | ) |
| Changes in:                                                        |   |      |        |   |      |   |   |   |
| Prepaid FDIC deposit insurance premiums                            |   |      | 264,881     |   |      |   | 295,204 |   |
| Accrued interest receivable                                        |   |      | 500,357     |   |      |   | 358,593 |   |
| Prepaid expenses and other assets                                  |   |      | 141,333     |   |      |   | 118,846 |   |
| Accounts payable and accrued expenses                              |   |      | (215,744    | )      |      |   | (132,467 | ) |
| Income taxes receivable                                            |   |      | -           |   |      |   | (637,751 | ) |
| Net cash provided by operating activities                          |   |      | 4,849,267   |   |      |   | 3,458,366 |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                               |   |      |        |   |      |   |   |   |
| Net change in loans                                                |   |      | 8,022,272   |   |      |   | 10,510,939 |   |
| Principal payments on available-for-sale securities                |   |      | 3,812,706   |   |      |   | 3,332,230 |   |
| Principal payments on held-to-maturity securities                  |   |      | 14,873      |   |      |   | 57,308 |   |
| Proceeds from maturities of available-for-sale securities          |   |      | 10,500,000  |   |      |   | 12,456,500 |   |
| Purchase of premises and equipment                                 |   |      | (148,266    | )      |      |   | (139,662 | ) |
| Purchase of available-for-sale securities                          |   |      | (17,142,280 | )      |      |   | (33,686,763 | ) |
| Proceeds from sale of available-for-sale securities                |   |      | 737,277     |   |      |   | 7,778,597 |   |
| Purchase of interest-bearing deposits                              |   |      | -           |   |      |   | (12,501,000 | ) |
| Proceeds from maturities of interest-bearing deposits              |   |      | 7,197,346   |   |      |   | 5,788,983 |   |
| Purchase of tax credit investments                                 |   |      | (911,957    | )      |      |   | - |   |
| Capitalized costs on foreclosed assets held for sale               |   |      | (85,586     | )      |      |   | (6,966 | ) |
| Proceeds from sale of foreclosed assets held for sale              |   |      | 746,633     |   |      |   | 976,793 |   |
| Net cash provided by (used in) investing activities                |   |      | 12,743,018  |   |      |   | (5,433,041 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES                               |   |      |        |   |      |   |   |   |
| Net increase in demand deposits, NOW accounts and savings accounts |   |      | 11,773,317  |   |      |   | 2,336,467 |   |
| Net decrease in certificates of deposit                            |   |      | (2,661,027  | )      |      |   | (5,858,550 | ) |
| Advances from borrowers for taxes and insurance                    |   |      | 97,448      |   |      |   | 116,428 |   |
| Preferred cash dividends paid                                      |   |      | (212,500    | )      |      |   | (212,500 | ) |
| Treasury stock purchased                                           |   |      | (45,572     | )      |      |   | (2,012 | ) |
| Net cash provided by (used in) financing activities                |   |      | 8,951,666   |   |      |   | (3,620,167 | ) |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                   |   |      | 26,543,951  |   |      |   | (5,594,842 | ) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                     |   |      | 14,145,329  |   |      |   | 33,016,697 |   |
| CASH AND CASH EQUIVALENTS, END OF PERIOD                           |   | $         | 40,689,280  |   |      | $      | 27,421,855 |   |

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Table of Contents

TO 

|                                            |   | Amortized Cost |       |   | Gross Unrealized Gains |   |      | Gross Unrealized (Losses) |   |   | Approximate Fair Value |   |
|-------------------------------------------------|--------|----------------|------------|--------|------------------------|--------|-----------|---------------------------|--------|--------|------------------------|--------|
| As of March 31, 2011                            |   |           |       |   |                   |   |      |                      |   |   |                   |   |
| Equity Securities                               |   | $              | 102,212    |   |                   | $      | 9,767     |                      |   | $      | (30,680                | )      |   | $ | 81,299 |   |
| Debt Securities:                                |   |           |       |   |                   |   |      |                      |   |   |                   |   |   |   |   |   |
| U. S. government agencies                       |   |           | 31,516,913 |   |                   |   | 156,185   |                      |   |   | (218,338               | )      |   |   | 31,454,760 |   |
| U. S. treasuries                                |   |           | 2,499,216  |   |                   |   | -         |                      |   |   | (5,466                 | )      |   |   | 2,493,750 |   |
| Government sponsored mortgage-backed securities |   |           | 61,896,909 |   |                   |   | 2,801,242 |                      |   |   | (41                    | )      |   |   | 64,698,110 |   |
|                                            |   | $              | 96,015,250 |   |                   | $      | 2,967,194 |                      |   | $      | (254,525               | )      |   | $ | 98,727,919 |   |

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Table of Contents

|                                            |   | Amortized Cost |       |   | Gross Unrealized Gains |   |      | Gross Unrealized (Losses) |   |   | Approximate Fair Value |   |
|-------------------------------------------------|--------|----------------|------------|--------|------------------------|--------|-----------|---------------------------|--------|--------|------------------------|--------|
| As of December 31, 2010                         |   |           |       |   |                   |   |      |                      |   |   |                   |   |
| Equity Securities                               |   | $              | 102,212    |   |                   | $      | 7,089     |                      |   | $      | (31,381                | )      |   | $ | 77,920 |   |
| Debt Securities:                                |   |           |       |   |                   |   |      |                      |   |   |                   |   |   |   |   |   |
| U. S. government agencies                       |   |           | 27,409,482 |   |                   |   | 222,014   |                      |   |   | (128,414               | )      |   |   | 27,503,082 |   |
| Government sponsored mortgage-backed securities |   |           | 66,407,555 |   |                   |   | 2,865,745 |                      |   |   | (9,649                 | )      |   |   | 69,263,651 |   |
|                                            |   | $              | 93,919,249 |   |                   | $      | 3,094,848 |                      |   | $      | (169,444               | )      |   | $ | 96,844,653 |   |

|                                                                              |   | Amortized Cost |       |   | Approximate Fair Value |   |
|-----------------------------------------------------------------------------------|--------|----------------|------------|--------|------------------------|--------|
| 1-5 years                                                                         |   | $              | 32,032,642 |   |                   | $      | 32,030,564 |   |
| 6-10 years                                                                        |   |           | 1,983,487  |   |                   |   | 1,917,946 |   |
| Government sponsored mortgage-backed securities not due on a single maturity date |   |           | 61,896,909 |   |                   |   | 64,698,110 |   |
|                                                                              |   | $              | 95,913,038 |   |                   | $      | 98,646,620 |   |

|                                            |   | Amortized Cost |    |   | Gross Unrealized Gains |   |   | Gross Unrealized (Losses) |   |   | Approximate Fair Value |   |
|-------------------------------------------------|--------|----------------|---------|--------|------------------------|--------|--------|---------------------------|--------|--------|------------------------|--------|
| As of March 31, 2011                            |   |           |    |   |                   |   |   |                      |   |   |                   |   |
| Debt Securities:                                |   |           |    |   |                   |   |   |                      |   |   |                   |   |
| Government sponsored mortgage-backed securities |   | $              | 246,083 |   |                   | $      | 18,967 |                      |   | $      | -                      |   |   | $ | 265,050 |   |
|                                            |   | $              | 246,083 |   |                   | $      | 18,967 |                      |   | $      | -                      |   |   | $ | 265,050 |   |

|                                            |   | Amortized Cost |    |   | Gross Unrealized Gains |   |   | Gross Unrealized (Losses) |   |   | Approximate Fair Value |   |
|-------------------------------------------------|--------|----------------|---------|--------|------------------------|--------|--------|---------------------------|--------|--------|------------------------|--------|
| As of December 31, 2010                         |   |           |    |   |                   |   |   |                      |   |   |                   |   |
| Debt Securities:                                |   |           |    |   |                   |   |   |                      |   |   |                   |   |
| Government sponsored mortgage-backed securities |   | $              | 260,956 |   |                   | $      | 20,828 |                      |   | $      | -                      |   |   | $ | 281,784 |   |
|                                            |   | $              | 260,956 |   |                   | $      | 20,828 |                      |   | $      | -                      |   |   | $ | 281,784 |   |

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Table of Contents

|                                                                              |   | Amortized Cost |    |   | Approximate Fair Value |   |
|-----------------------------------------------------------------------------------|--------|----------------|---------|--------|------------------------|--------|
| Government sponsored mortgage-backed securities not due on a single maturity date |   | $              | 246,083 |   |                   | $      | 265,050 |   |
|                                                                              |   | $              | 246,083 |   |                   | $      | 265,050 |   |

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Table of Contents

|                                            |   | March 31, 2011      |       |
|-------------------------------------------------|--------|---------------------|------------|
|                                            |   |                |       |   |   |   |   |   |   |
|                                            |   | Less than 12 Months |       |   | 12 Months or More |   |   | Total |   |
|                                            |   |                |       |   |   |   |   |   |   |
|  Description of Securities                 |   | Fair Value          |       |   | Unrealized Losses |   |   | Fair Value |   |   | Unrealized Losses |   |   | Fair Value |   |   | Unrealized Losses |   |
|                                            |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity Securities                               |   | $                   | -          |   |   | $ | - |   |   | $ | 40,854 |   |   | $ | (30,680 | ) |   | $ | 40,854 |   |   | $ | (30,680 | ) |
| U. S. government agencies                       |   |                | 17,916,736 |   |   |   | (218,338 | ) |   |   | - |   |   |   | - |   |   |   | 17,916,736 |   |   |   | (218,338 | ) |
| U. S. treasuries                                |   |                | 2,493,750  |   |   |   | (5,466 | ) |   |   | - |   |   |   | - |   |   |   | 2,493,750 |   |   |   | (5,466 | ) |
| Government sponsored mortgage-backed securities |   |                | 864,252    |   |   |   | (41 | ) |   |   | - |   |   |   | - |   |   |   | 864,252 |   |   |   | (41 | ) |
|                                            |   | $                   | 21,274,738 |   |   | $ | (223,845 | ) |   | $ | 40,854 |   |   | $ | (30,680 | ) |   | $ | 21,315,592 |   |   | $ | (254,525 | ) |

|                                            |   | December 31, 2010   |      |
|-------------------------------------------------|--------|---------------------|-----------|
|                                            |   |                |      |   |   |   |   |   |   |
|                                            |   | Less than 12 Months |      |   | 12 Months or More |   |   | Total |   |
|                                            |   |                |      |   |   |   |   |   |   |
|  Description of Securities                 |   | Fair Value          |      |   | Unrealized Losses |   |   | Fair Value |   |   | Unrealized Losses |   |   | Fair Value |   |   | Unrealized Losses |   |
|                                            |   |                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity Securities                               |   | $                   | -         |   |   | $ | - |   |   | $ | 40,153 |   |   | $ | (31,381 | ) |   | $ | 40,153 |   |   | $ | (31,381 | ) |
| U. S. government agencies                       |   |                | 4,374,049 |   |   |   | (128,414 | ) |   |   | - |   |   |   | - |   |   |   | 4,374,049 |   |   |   | (128,414 | ) |
| Government sponsored mortgage-backed securities |   |                | 972,029   |   |   |   | (9,649 | ) |   |   | - |   |   |   | - |   |   |   | 972,029 |   |   |   | (9,649 | ) |
|                                            |   | $                   | 5,346,078 |   |   | $ | (138,063 | ) |   | $ | 40,153 |   |   | $ | (31,381 | ) |   | $ | 5,386,231 |   |   | $ | (169,444 | ) |

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Table of Contents

|                                      |   | March 31, |        |   | December 31, |   |
|-------------------------------------------|--------|-----------|-------------|--------|--------------|--------|
|                                      |   | 2011      |        |   | 2010         |   |
|  Real estate - residential mortgage: |   |      |        |   |         |   |
| One to four family units                  |   | $         | 102,555,697 |   |         | $      | 103,052,035 |   |
| Multi-family                              |   |      | 48,840,024  |   |         |   | 44,138,034 |   |
| Real estate - construction                |   |      | 59,796,346  |   |         |   | 63,308,397 |   |
| Real estate - commercial                  |   |      | 188,198,430 |   |         |   | 195,889,801 |   |
| Commercial loans                          |   |      | 83,617,854  |   |         |   | 85,427,589 |   |
| Consumer and other loans                  |   |      | 22,114,796  |   |         |   | 23,425,843 |   |
| Total loans                               |   |      | 505,123,147 |   |         |   | 515,241,699 |   |
| Less:                                     |   |      |        |   |         |   |   |   |
| Allowance for loan losses                 |   |      | (12,909,473 | )      |         |   | (13,082,703 | ) |
| Deferred loan fees/costs, net             |   |      | (169,266    | )      |         |   | (178,611 | ) |
| Net loans                                 |   | $         | 492,044,408 |   |         | $      | 501,980,385 |   |

| As of March 31, 2011                |   |               |   |   |               |   |   |                |   |   |          |   |   |    |   |   |                  |   |    |                                          |   |
|-------------------------------------|--------|--------------------|--------|--------|--------------------|--------|--------|---------------------|--------|--------|---------------|--------|--------|---------|--------|--------|-----------------------|--------|---------|-----------------------------------------------|--------|
|                                |   | 30-59 DaysPast Due |   |   | 60-89 DaysPast Due |   |   | Greater Than90 Days |   |   | Total PastDue |   |   | Current |   |   | Total LoansReceivable |   |    | Total Loans >90 Days andAccruing |   |
|                                |   | (In Thousands)     |   |
| Real estate - residential mortgage: |   |               |   |   |               |   |   |                |   |   |          |   |   |    |   |   |                  |   |    |
| One to four family units            |   | $                  | 1,015  |   |               | $      | -      |                |   | $      | 1,062         |   |   | $       | 2,077  |   |                  | $      | 100,479 |                                          |   | $ | 102,556 |   |   | $ | - |   |
| Multi-family                        |   |               | -      |   |               |   | -      |                |   |   | -             |   |   |    | -      |   |                  |   | 48,840  |                                          |   |   | 48,840 |   |   |   | - |   |
| Real estate - construction          |   |               | -      |   |               |   | 22     |                |   |   | 102           |   |   |    | 124    |   |                  |   | 59,672  |                                          |   |   | 59,796 |   |   |   | - |   |
| Real estate - commercial            |   |               | 410    |   |               |   | -      |                |   |   | 167           |   |   |    | 577    |   |                  |   | 187,621 |                                          |   |   | 188,198 |   |   |   | - |   |
| Commercial loans                    |   |               | 1,334  |   |               |   | 1,940  |                |   |   | 1,956         |   |   |    | 5,230  |   |                  |   | 78,388  |                                          |   |   | 83,618 |   |   |   | - |   |
| Consumer and other loans            |   |               | 209    |   |               |   | 50     |                |   |   | 71            |   |   |    | 330    |   |                  |   | 21,785  |                                          |   |   | 22,115 |   |   |   | - |   |
| Total                               |   | $                  | 2,968  |   |               | $      | 2,012  |                |   | $      | 3,358         |   |   | $       | 8,338  |   |                  | $      | 496,785 |                                          |   | $ | 505,123 |   |   | $ | - |   |

| As of December 31, 2010             |   |               |   |   |               |   |   |                |   |   |          |   |   |    |   |   |                  |   |    |                                          |   |
|-------------------------------------|--------|--------------------|--------|--------|--------------------|--------|--------|---------------------|--------|--------|---------------|--------|--------|---------|--------|--------|-----------------------|--------|---------|-----------------------------------------------|--------|
|                                |   | 30-59 DaysPast Due |   |   | 60-89 DaysPast Due |   |   | Greater Than90 Days |   |   | Total PastDue |   |   | Current |   |   | Total LoansReceivable |   |    | Total Loans >90 Days andAccruing |   |
|                                |   | (In Thousands)     |   |
| Real estate - residential mortgage: |   |               |   |   |               |   |   |                |   |   |          |   |   |    |   |   |                  |   |    |
| One to four family units            |   | $                  | 1,158  |   |               | $      | 562    |                |   | $      | 1,591         |   |   | $       | 3,311  |   |                  | $      | 99,741  |                                          |   | $ | 103,052 |   |   | $ | - |   |
| Multi-family                        |   |               | -      |   |               |   | -      |                |   |   | -             |   |   |    | -      |   |                  |   | 44,138  |                                          |   |   | 44,138 |   |   |   | - |   |
| Real estate - construction          |   |               | 1,969  |   |               |   | 89     |                |   |   | 311           |   |   |    | 2,369  |   |                  |   | 60,939  |                                          |   |   | 63,308 |   |   |   | - |   |
| Real estate - commercial            |   |               | -      |   |               |   | 234    |                |   |   | -             |   |   |    | 234    |   |                  |   | 195,656 |                                          |   |   | 195,890 |   |   |   | - |   |
| Commercial loans                    |   |               | 2,571  |   |               |   | -      |                |   |   | 2,021         |   |   |    | 4,592  |   |                  |   | 80,836  |                                          |   |   | 85,428 |   |   |   | - |   |
| Consumer and other loans            |   |               | 100    |   |               |   | 25     |                |   |   | 29            |   |   |    | 154    |   |                  |   | 23,272  |                                          |   |   | 23,426 |   |   |   | - |   |
| Total                               |   | $                  | 5,798  |   |               | $      | 910    |                |   | $      | 3,952         |   |   | $       | 10,660 |   |                  | $      | 504,582 |                                          |   | $ | 515,242 |   |   | $ | - |   |

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Table of Contents

|                                |   | March 31, |       |   | December 31, |   |
|-------------------------------------|--------|-----------|------------|--------|--------------|--------|
|                                |   | 2011      |       |   | 2010         |   |
| Real estate - residential mortgage: |   |      |       |   |         |   |
| One to four family units            |   | $         | 3,205,333  |   |         | $      | 3,119,760 |   |
| Multi-family                        |   |      | -          |   |         |   | - |   |
| Real estate - construction          |   |      | 10,960,017 |   |         |   | 8,934,666 |   |
| Real estate - commercial            |   |      | 2,421,045  |   |         |   | 2,980,117 |   |
| Commercial loans                    |   |      | 4,551,637  |   |         |   | 7,743,116 |   |
| Consumer and other loans            |   |      | 252,202    |   |         |   | 234,475 |   |
| Total                               |   | $         | 21,390,234 |   |         | $      | 23,012,134 |   |

| March 31, 2011                                                   |   | Construction   |   |   | CommercialReal Estate |   |    | One to four family |   |   | Multi-family |   |   | Commercial |   |   | Consumerand Other |   |   | Unallocated |   |   | Total  |   |
|------------------------------------------------------------------|--------|----------------|--------|--------|-----------------------|--------|---------|--------------------|--------|--------|--------------|--------|--------|------------|--------|--------|-------------------|--------|--------|-------------|--------|--------|--------|--------|
| Allowance for loan losses:                                       |   | (In Thousands) |   |
| Balance, beginning of period                                     |   | $              | 4,547  |   |                  | $      | 3,125   |               |   | $      | 1,713        |   |   | $          | 528    |   |              | $      | 2,483  |        |   | $      | 687    |   |   | $ | - |   |   | $ | 13,083 |   |
| Provision charged to expense                                     |   |           | 803    |   |                  |   | 274     |               |   |   | 518          |   |   |       | (7     | )      |              |   | 12     |        |   |   | (1,485 | )      |   |   | 785 |   |   | $ | 900 |   |
| Losses charged off                                               |   |           | (69    | )      |                  |   | (1,475  | )                  |   |   | (265         | )      |   |       | -      |   |              |   | (518   | )           |   |   | (40    | )      |   |   | - |   |   | $ | (2,367 | ) |
| Recoveries                                                       |   |           | 10     |   |                  |   | 2       |               |   |   | -            |   |   |       | -      |   |              |   | 34     |        |   |   | 1,247  |   |   |   | - |   |   | $ | 1,293 |   |
| Balance, end of period                                           |   | $              | 5,291  |   |                  | $      | 1,926   |               |   | $      | 1,966        |   |   | $          | 521    |   |              | $      | 2,011  |        |   | $      | 409    |   |   | $ | 785 |   |   | $ | 12,909 |   |
| Ending balance:  individually evaluated for impairment |   | $              | 3,491  |   |                  | $      | 181     |               |   | $      | 518          |   |   | $          | -      |   |              | $      | 678    |        |   | $      | 86     |   |   | $ | - |   |   | $ | 4,954 |   |
| Ending balance:  collectively evaluated for impairment |   | $              | 1,800  |   |                  | $      | 1,745   |               |   | $      | 1,448        |   |   | $          | 521    |   |              | $      | 1,333  |        |   | $      | 323    |   |   | $ | 785 |   |   | $ | 7,955 |   |
| Loans:                                                           |   |           |   |   |                  |   |    |               |   |   |         |   |   |       |   |   |              |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balance:  individually evaluated for impairment |   | $              | 12,069 |   |                  | $      | 4,211   |               |   | $      | 4,552        |   |   | $          | -      |   |              | $      | 5,794  |        |   | $      | 1,148  |   |   |   | - |   |   | $ | 27,774 |   |
| Ending balance:  collectively evaluated for impairment |   | $              | 47,727 |   |                  | $      | 183,987 |               |   | $      | 98,004       |   |   | $          | 48,840 |   |              | $      | 77,824 |        |   | $      | 20,967 |   |   |   | - |   |   | $ | 477,349 |   |

----

Table of Contents

| December 31, 2010                                                |   | Construction   |   |   | CommercialReal Estate |   |    | One to four family |   |   | Multi-family |   |   | Commercial |   |   | Consumer and Other |   |   | Unallocated |   |   | Total  |   |
|------------------------------------------------------------------|--------|----------------|--------|--------|-----------------------|--------|---------|--------------------|--------|--------|--------------|--------|--------|------------|--------|--------|--------------------|--------|--------|-------------|--------|--------|--------|--------|
|  Allowance for loan losses:                                 |   | (In Thousands) |   |
|  Balance, beginning of year                                 |   | $              | 2,810  |   |                  | $      | 2,923   |               |   | $      | 1,646        |   |   | $          | 393    |   |               | $      | 3,554  |        |   | $      | 2,750  |   |   | $ | - |   |   | $ | 14,076 |   |
| Provision charged to expense                                     |   |           | 5,620  |   |                  |   | 563     |               |   |   | 948          |   |   |       | 135    |   |               |   | 716    |        |   |   | (2,782 | )      |   |   | - |   |   | $ | 5,200 |   |
| Losses charged off                                               |   |           | (3,893 | )      |                  |   | (373    | )                  |   |   | (906         | )      |   |       | -      |   |               |   | (1,847 | )           |   |   | (366   | )      |   |   | - |   |   | $ | (7,385 | ) |
| Recoveries                                                       |   |           | 10     |   |                  |   | 12      |               |   |   | 25           |   |   |       | -      |   |               |   | 60     |        |   |   | 1,085  |   |   |   | - |   |   | $ | 1,192 |   |
|  Balance, end of year                                       |   | $              | 4,547  |   |                  | $      | 3,125   |               |   | $      | 1,713        |   |   | $          | 528    |   |               | $      | 2,483  |        |   | $      | 687    |   |   | $ | - |   |   | $ | 13,083 |   |
| Ending balance:  individually evaluated for impairment |   | $              | 3,134  |   |                  | $      | 1,384   |               |   | $      | 149          |   |   | $          | -      |   |               | $      | 1,052  |        |   | $      | 307    |   |   | $ | - |   |   | $ | 6,026 |   |
| Ending balance:  collectively evaluated for impairment |   | $              | 1,413  |   |                  | $      | 1,741   |               |   | $      | 1,564        |   |   | $          | 528    |   |               | $      | 1,431  |        |   | $      | 380    |   |   | $ | - |   |   | $ | 7,057 |   |
| Loans:                                                           |   |           |   |   |                  |   |    |               |   |   |         |   |   |       |   |   |               |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balance:  individually evaluated for impairment |   | $              | 9,281  |   |                  | $      | 5,150   |               |   | $      | 3,363        |   |   | $          | -      |   |               | $      | 8,409  |        |   | $      | 1,008  |   |   | $ | - |   |   | $ | 27,211 |   |
| Ending balance:  collectively evaluated for impairment |   | $              | 54,027 |   |                  | $      | 190,740 |               |   | $      | 99,689       |   |   | $          | 44,138 |   |               | $      | 77,019 |        |   | $      | 22,418 |   |   | $ | - |   |   | $ | 488,031 |   |

|                                  |   | March 31, |       |
|---------------------------------------|--------|-----------|------------|
|                                  |   | 2010      |       |
|                                  |   |      |       |
| Balance, beginning of period          |   | $         | 14,076,123 |   |
| Provision charged to expense          |   |      | 950,000    |   |
| Losses charged off, net of recoveries |   |      | (2,605,207 | ) |
| Balance, end of period                |   | $         | 12,420,916 |   |

| March 31, 2011                      |   | Recorded Balance |   |   | Unpaid Principal Balance |   |   | Specific Allowance |   |   | Average Investment in Impaired Loans |   |   | Interest Income Recognized |   |
|-------------------------------------|--------|------------------|--------|--------|--------------------------|--------|--------|--------------------|--------|--------|--------------------------------------|--------|--------|---------------------------------|--------|
|                                |   | (In Thousands)   |   |
| Real estate - residential mortgage: |   |             |   |   |                     |   |   |               |   |   |                                 |   |   |
| One to four family units            |   | $                | 4,552  |   |                     | $      | 4,558  |               |   | $      | 518                                  |   |   | $                               | 3,797  |   |   | $ | 35 |   |
| Multi-family                        |   |             | -      |   |                     |   | -      |               |   |   | -                                    |   |   |                            | -      |   |   |   | - |   |
| Real estate - construction          |   |             | 12,069 |   |                     |   | 12,172 |               |   |   | 3,491                                |   |   |                            | 11,202 |   |   |   | 2 |   |
| Real estate -  commercial |   |             | 4,211  |   |                     |   | 5,225  |               |   |   | 181                                  |   |   |                            | 4,906  |   |   |   | 11 |   |
| Commercial loans                    |   |             | 5,794  |   |                     |   | 7,850  |               |   |   | 678                                  |   |   |                            | 7,407  |   |   |   | 35 |   |
| Consumer and other loans            |   |             | 1,148  |   |                     |   | 1,149  |               |   |   | 86                                   |   |   |                            | 1,091  |   |   |   | 18 |   |
| Total                               |   | $                | 27,774 |   |                     | $      | 30,954 |               |   | $      | 4,954                                |   |   | $                               | 28,403 |   |   | $ | 101 |   |

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| December 31, 2010                   |   | Recorded Balance |   |   | Unpaid Principal Balance |   |   | Specific Allowance |   |   | Average Investment in Impaired Loans |   |   | Interest Income Recognized |   |
|-------------------------------------|--------|------------------|--------|--------|--------------------------|--------|--------|--------------------|--------|--------|--------------------------------------|--------|--------|---------------------------------|--------|
|                                |   | (In Thousands)   |   |
| Real estate - residential mortgage: |   |             |   |   |                     |   |   |               |   |   |                                 |   |   |
| One to four family units            |   | $                | 3,363  |   |                     | $      | 3,380  |               |   | $      | 149                                  |   |   | $                               | 4,521  |   |   | $ | 185 |   |
| Multi-family                        |   |             | -      |   |                     |   | -      |               |   |   | -                                    |   |   |                            | 1,007  |   |   |   | - |   |
| Real estate - construction          |   |             | 9,281  |   |                     |   | 10,683 |               |   |   | 3,134                                |   |   |                            | 7,221  |   |   |   | 9 |   |
| Real estate -  commercial |   |             | 5,150  |   |                     |   | 5,150  |               |   |   | 1,384                                |   |   |                            | 3,671  |   |   |   | 30 |   |
| Commercial loans                    |   |             | 8,409  |   |                     |   | 10,364 |               |   |   | 1,052                                |   |   |                            | 8,383  |   |   |   | 41 |   |
| Consumer and other loans            |   |             | 1,008  |   |                     |   | 1,011  |               |   |   | 307                                  |   |   |                            | 4,193  |   |   |   | 93 |   |
| Total                               |   | $                | 27,211 |   |                     | $      | 30,588 |               |   | $      | 6,026                                |   |   | $                               | 28,996 |   |   | $ | 358 |   |

| March 31, 2011  |   | Construction   |   |   | CommercialReal Estate |   |    | One to four family |   |   | Multi-family |   |   | Commercial |   |   | Consumer and Other |   |   | Total  |   |
|-----------------|--------|----------------|--------|--------|-----------------------|--------|---------|--------------------|--------|--------|--------------|--------|--------|------------|--------|--------|--------------------|--------|--------|--------|--------|
|            |   | (In Thousands) |   |
| Rating:         |   |           |   |   |                  |   |    |               |   |   |         |   |   |       |   |   |               |   |   |   |   |
| Pass            |   | $              | 40,812 |   |                  | $      | 160,624 |               |   | $      | 93,032       |   |   | $          | 48,333 |   |               | $      | 73,203 |   |   | $ | 20,130 |   |   | $ | 436,134 |   |
| Special Mention |   |           | 4,468  |   |                  |   | 14,057  |               |   |   | 3,009        |   |   |       | 507    |   |               |   | 2,161  |   |   |   | 199 |   |   |   | 24,401 |   |
| Substandard     |   |           | 14,516 |   |                  |   | 13,517  |               |   |   | 6,515        |   |   |       | -      |   |               |   | 8,254  |   |   |   | 1,786 |   |   |   | 44,588 |   |
| Total           |   | $              | 59,796 |   |                  | $      | 188,198 |               |   | $      | 102,556      |   |   | $          | 48,840 |   |               | $      | 83,618 |   |   | $ | 22,115 |   |   | $ | 505,123 |   |

| December 31, 2010 |   | Construction   |   |   | CommercialReal Estate |   |    | One to four family |   |   | Multi-family |   |   | Commercial |   |   | Consumer and Other |   |   | Total  |   |
|-------------------|--------|----------------|--------|--------|-----------------------|--------|---------|--------------------|--------|--------|--------------|--------|--------|------------|--------|--------|--------------------|--------|--------|--------|--------|
|              |   | (In Thousands) |   |
| Rating:           |   |           |   |   |                  |   |    |               |   |   |         |   |   |       |   |   |               |   |   |   |   |
| Pass              |   | $              | 45,307 |   |                  | $      | 173,210 |               |   | $      | 93,816       |   |   | $          | 44,138 |   |               | $      | 73,291 |   |   | $ | 21,580 |   |   | $ | 451,342 |   |
| Special Mention   |   |           | 4,621  |   |                  |   | 7,604   |               |   |   | 2,962        |   |   |       | -      |   |               |   | 1,028  |   |   |   | 4 |   |   |   | 16,219 |   |
| Substandard       |   |           | 13,380 |   |                  |   | 15,076  |               |   |   | 6,274        |   |   |       | -      |   |               |   | 11,109 |   |   |   | 1,842 |   |   |   | 47,681 |   |
| Total             |   | $              | 63,308 |   |                  | $      | 195,890 |               |   | $      | 103,052      |   |   | $          | 44,138 |   |               | $      | 85,428 |   |   | $ | 23,426 |   |   | $ | 515,242 |   |

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|                                      |   | Number of shares       |    |   |                       |   |
|-------------------------------------------|--------|------------------------|---------|--------|----------------------------|--------|
|                                      |   | Incentive Stock Option |    |   | Non-Incentive Stock Option |   |   | Weighted Average Exercise Price |   |
|                                      |   |                   |    |   |                       |   |   |   |   |
| Balance outstanding as of January 1, 2011 |   |                   | 194,750 |   |                       |   | 170,829 |   |   | $ | 16.14 |   |
| Granted                                   |   |                   | -       |   |                       |   | - |   |   |   | - |   |
| Exercised                                 |   |                   | -       |   |                       |   | - |   |   |   | - |   |
| Forfeited                                 |   |                   | -       |   |                       |   | - |   |   |   | - |   |
| Balance outstanding as of March 31, 2011  |   |                   | 194,750 |   |                       |   | 170,829 |   |   |   | 16.14 |   |
| Options exercisable as of March 31, 2011  |   |                   | 109,350 |   |                       |   | 100,829 |   |   |   | 20.18 |   |

|                            |   | For three months ended March 31, 2011   |    |
|---------------------------------|--------|-----------------------------------------|---------|
|                            |   | Income Available to Common Stockholders |    |   | Average Common Shares Outstanding |   |   | Per Common Share |   |
| Basic Income per Common Share   |   | $                                       | 241,571 |   |   |   | 2,669,006 |   |   | $ | 0.09 |   |
| Effect of Dilutive Securities   |   |                                    |    |   |   |   | 11,305 |   |   |   |   |   |
| Diluted Income per Common Share |   | $                                       | 241,571 |   |   |   | 2,680,311 |   |   | $ | 0.09 |   |

|                            |   | For three months ended March 31, 2010   |    |
|---------------------------------|--------|-----------------------------------------|---------|
|                            |   | Income Available to Common Stockholders |    |   | Average Common Shares Outstanding |   |   | Per Common Share |   |
| Basic Income per Common Share   |   | $                                       | 194,475 |   |   |   | 2,636,561 |   |   | $ | 0.07 |   |
| Effect of Dilutive Securities   |   |                                    |    |   |   |   | - |   |   |   |   |   |
| Diluted Income per Common Share |   | $                                       | 194,475 |   |   |   | 2,636,561 |   |   | $ | 0.07 |   |

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|                                                                    |   | 3/31/2011 |     |   | 3/31/2010 |   |
|-------------------------------------------------------------------------|--------|-----------|----------|--------|-----------|--------|
| Unrealized gains (losses) on available-for-sale securities              |   | $         | (209,031 | )      |      | $      | 211,521 |   |
| Accretion of gains on interest rate swaps into income                   |   |      | -        |   |      |   | (254,373 | ) |
| Less: Reclassification adjustment for realized gains included in income |   |      | (3,704   | )      |      |   | (160,275 | ) |
| Other comprehensive loss, before tax effect                             |   |      | (212,735 | )      |      |   | (203,127 | ) |
| Tax benefit                                                             |   |      | (78,712  | )      |      |   | (75,157 | ) |
| Other comprehensive loss                                                |   | $         | (134,023 | )      |      | $      | (127,970 | ) |

|                                                   |   | 3/31/2011 |      |   | 12/31/2010 |   |
|--------------------------------------------------------|--------|-----------|-----------|--------|------------|--------|
|                                                   |   |      |      |   |       |   |
|  Unrealized gain on available-for-sale securities |   | $         | 2,712,669 |   |       | $      | 2,925,404 |   |
|  Tax effect                                       |   |      | 1,003,688 |   |       |   | 1,082,400 |   |
| Net of tax amount                                      |   | $         | 1,708,981 |   |       | $      | 1,843,004 |   |

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|   | Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3/31/2011                                       |   |           |   |   |           |   |   |           |   |   |             |   |
|-------------------------------------------------|--------|----------------|--------|--------|----------------|--------|--------|----------------|--------|--------|------------------|--------|
|  Financial assets:                         |   |           |   |   |           |   |   |           |   |   |             |   |
|                                            |   | Level 1 inputs |   |   | Level 2 inputs |   |   | Level 3 inputs |   |   | Total fair value |   |
| Equity securities                               |   | $              | 81     |   |           | $      | -      |           |   | $      | -                |   |   | $ | 81 |   |
| Debt securities:                                |   |           |   |   |           |   |   |           |   |   |             |   |   |   |   |   |
| U.S. government agencies                        |   |           | -      |   |           |   | 31,455 |           |   |   | -                |   |   |   | 31,455 |   |
| U. S. treasuries                                |   |           | -      |   |           |   | 2,494  |           |   |   | -                |   |   |   | 2,494 |   |
| Government sponsored mortgage-backed securities |   |           | -      |   |           |   | 64,698 |           |   |   | -                |   |   |   | 64,698 |   |
| Available-for-sale securities                   |   | $              | 81     |   |           | $      | 98,647 |           |   | $      | -                |   |   | $ | 98,728 |   |

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| 12/31/2010                                      |   |           |   |   |           |   |   |           |   |   |             |   |
|-------------------------------------------------|--------|----------------|--------|--------|----------------|--------|--------|----------------|--------|--------|------------------|--------|
| Financial assets:                               |   |           |   |   |           |   |   |           |   |   |             |   |
|                                            |   | Level 1 inputs |   |   | Level 2 inputs |   |   | Level 3 inputs |   |   | Total fair value |   |
| Equity securities                               |   | $              | 78     |   |           | $      | -      |           |   | $      | -                |   |   | $ | 78 |   |
| Debt securities:                                |   |           |   |   |           |   |   |           |   |   |             |   |   |   |   |   |
| U.S. government agencies                        |   |           | -      |   |           |   | 27,503 |           |   |   | -                |   |   |   | 27,503 |   |
| Government sponsored mortgage-backed securities |   |           | -      |   |           |   | 69,264 |           |   |   | -                |   |   |   | 69,264 |   |
| Available-for-sale securities                   |   | $              | 78     |   |           | $      | 96,767 |           |   | $      | -                |   |   | $ | 96,845 |   |

|   | Impaired loans (Collateral Dependent):   Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment.  Allowable methods for determining the amount of impairment include estimating fair value using the fair value of the collateral for collateral dependent loans. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Impaired loans:         |   |           |   |   |           |   |   |           |   |   |             |   |
|-------------------------|--------|----------------|--------|--------|----------------|--------|--------|----------------|--------|--------|------------------|--------|
|                    |   | Level 1 inputs |   |   | Level 2 inputs |   |   | Level 3 inputs |   |   | Total fair value |   |
|  March 31, 2011    |   | $              | -      |   |           | $      | -      |           |   | $      | 3,254            |   |   | $ | 3,254 |   |
|                    |   |           |   |   |           |   |   |           |   |   |             |   |   |   |   |   |
|  December 31, 2010 |   | $              | -      |   |           | $      | -      |           |   | $      | 16,163           |   |   | $ | 16,163 |   |

|  Foreclosed assets held for sale: |   |           |   |   |           |   |   |           |   |   |             |   |
|----------------------------------------|--------|----------------|--------|--------|----------------|--------|--------|----------------|--------|--------|------------------|--------|
|                                   |   | Level 1 inputs |   |   | Level 2 inputs |   |   | Level 3 inputs |   |   | Total fair value |   |
|  March 31, 2011                   |   | $              | -      |   |           | $      | -      |           |   | $      | 775              |   |   | $ | 775 |   |
|                                   |   |           |   |   |           |   |   |           |   |   |             |   |   |   |   |   |
|  December 31, 2010                |   | $              | -      |   |           | $      | -      |           |   | $      | 6,686            |   |   | $ | 6,686 |   |

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|                                           |   | March 31, 2011  |        |   | December 31, 2010 |   |
|------------------------------------------------|--------|-----------------|-------------|--------|-------------------|--------|
|                                           |   | Carrying Amount |        |   | Fair Value        |   |   | Carrying Amount |   |   | Fair Value |   |
| Financial assets:                              |   |            |        |   |              |   |   |   |   |   |   |   |
| Cash and cash equivalents                      |   | $               | 40,689,280  |   |              | $      | 40,689,280 |   |   | $ | 14,145,329 |   |   | $ | 14,145,329 |   |
| Interest-bearing deposits                      |   |            | 5,587,654   |   |              |   | 5,587,654 |   |   |   | 12,785,000 |   |   |   | 12,785,000 |   |
| Held-to-maturity securities                    |   |            | 246,083     |   |              |   | 265,050 |   |   |   | 260,956 |   |   |   | 281,784 |   |
| Federal Home Loan Bank stock                   |   |            | 5,025,200   |   |              |   | 5,025,200 |   |   |   | 5,025,200 |   |   |   | 5,025,200 |   |
| Mortgage loans held for sale                   |   |            | 280,500     |   |              |   | 280,500 |   |   |   | 2,685,163 |   |   |   | 2,685,163 |   |
| Loans, net                                     |   |            | 492,044,408 |   |              |   | 498,338,660 |   |   |   | 501,980,385 |   |   |   | 508,839,154 |   |
| Interest receivable                            |   |            | 2,169,917   |   |              |   | 2,169,917 |   |   |   | 2,670,274 |   |   |   | 2,670,274 |   |
| Financial liabilities:                         |   |            |        |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                       |   |            | 489,806,563 |   |              |   | 491,626,123 |   |   |   | 480,694,273 |   |   |   | 482,094,550 |   |
| Federal Home Loan Bank advances                |   |            | 93,050,000  |   |              |   | 91,537,691 |   |   |   | 93,050,000 |   |   |   | 92,694,525 |   |
| Securities sold under agreements to repurchase |   |            | 39,750,000  |   |              |   | 40,500,035 |   |   |   | 39,750,000 |   |   |   | 40,473,482 |   |
| Subordinated debentures                        |   |            | 15,465,000  |   |              |   | 15,465,000 |   |   |   | 15,465,000 |   |   |   | 15,465,000 |   |
| Interest payable                               |   |            | 684,795     |   |              |   | 684,795 |   |   |   | 878,675 |   |   |   | 878,675 |   |
| Unrecognized financial instruments             |   |            |        |   |              |   |   |   |   |   |   |   |   |   |   |   |
| (net of contractual value):                    |   |            |        |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Commitments to extend credit                   |   |            | -           |   |              |   | - |   |   |   | - |   |   |   | - |   |
| Unused lines of credit                         |   |            | -           |   |              |   | - |   |   |   | - |   |   |   | - |   |

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

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|                                                                    |   | Three Months ended 3/31/2011 |    |   | Three Months ended 3/31/2010 |   |
|-------------------------------------------------------------------------|--------|------------------------------|---------|--------|------------------------------|--------|
|                                                                    |   | Average Balance              |    |   | Interest                     |   |   | Yield / Cost |   |   | Average Balance |   |   | Interest |   |   | Yield / Cost |   |
| ASSETS                                                                  |   |                         |    |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning:                                                       |   |                         |    |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                                   |   | $                            | 494,906 |   |                         | $      | 6,717 |   |   |   | 5.43 | % |   | $ | 517,811 |   |   | $ | 7,194 |   |   |   | 5.56 | % |
| Investment securities                                                   |   |                         | 96,185  |   |                         |   | 725 |   |   |   | 3.02 | % |   |   | 110,184 |   |   |   | 937 |   |   |   | 3.40 | % |
| Other assets                                                            |   |                         | 39,527  |   |                         |   | 88 |   |   |   | 0.89 | % |   |   | 53,176 |   |   |   | 134 |   |   |   | 1.01 | % |
| Total interest-earning                                                  |   |                         | 630,618 |   |                         |   | 7,530 |   |   |   | 4.78 | % |   |   | 681,171 |   |   |   | 8,265 |   |   |   | 4.85 | % |
| Noninterest-earning                                                     |   |                         | 52,753  |   |                         |   |   |   |   |   |   |   |   |   | 55,133 |   |   |   |   |   |   |   |   |   |
|                                                                    |   | $                            | 683,371 |   |                         |   |   |   |   |   |   |   |   | $ | 736,304 |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                              |   |                         |    |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing:                                                       |   |                         |    |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Savings accounts                                                        |   | $                            | 19,591  |   |                         |   | 32 |   |   |   | 0.65 | % |   | $ | 15,355 |   |   |   | 37 |   |   |   | 0.96 | % |
| Transaction accounts                                                    |   |                         | 254,739 |   |                         |   | 695 |   |   |   | 1.09 | % |   |   | 257,637 |   |   |   | 1,292 |   |   |   | 2.01 | % |
| Certificates of deposit                                                 |   |                         | 170,386 |   |                         |   | 873 |   |   |   | 2.05 | % |   |   | 211,665 |   |   |   | 1,506 |   |   |   | 2.85 | % |
| FHLB Advances                                                           |   |                         | 93,050  |   |                         |   | 600 |   |   |   | 2.58 | % |   |   | 116,050 |   |   |   | 779 |   |   |   | 2.69 | % |
| Securities sold under agreements to repurchase                          |   |                         | 39,750  |   |                         |   | 279 |   |   |   | 2.81 | % |   |   | 39,750 |   |   |   | 286 |   |   |   | 2.88 | % |
| Subordinated debentures                                                 |   |                         | 15,465  |   |                         |   | 207 |   |   |   | 5.35 | % |   |   | 15,465 |   |   |   | 256 |   |   |   | 6.62 | % |
| Total interest-bearing                                                  |   |                         | 592,981 |   |                         |   | 2,686 |   |   |   | 1.81 | % |   |   | 655,922 |   |   |   | 4,156 |   |   |   | 2.53 | % |
| Noninterest-bearing                                                     |   |                         | 37,474  |   |                         |   |   |   |   |   |   |   |   |   | 28,129 |   |   |   |   |   |   |   |   |   |
| Total liabilities                                                       |   |                         | 630,455 |   |                         |   |   |   |   |   |   |   |   |   | 684,051 |   |   |   |   |   |   |   |   |   |
| Stockholders’ equity                                              |   |                         | 52,916  |   |                         |   |   |   |   |   |   |   |   |   | 52,253 |   |   |   |   |   |   |   |   |   |
|                                                                    |   | $                            | 683,371 |   |                         |   |   |   |   |   |   |   |   | $ | 736,304 |   |   |   |   |   |   |   |   |   |
| Net earning balance                                                     |   | $                            | 37,637  |   |                         |   |   |   |   |   |   |   |   | $ | 25,249 |   |   |   |   |   |   |   |   |   |
| Earning yield less costing rate                                         |   |                         |    |   |                         |   |   |   |   |   | 2.97 | % |   |   |   |   |   |   |   |   |   |   | 2.32 | % |
| Net interest income, and net interest margin on interest earning assets |   |                         |    |   |                         | $      | 4,844 |   |   |   | 3.07 | % |   |   |   |   |   | $ | 4,109 |   |   |   | 2.41 | % |
| Ratio of interest-earning assets to interest-bearing liabilities        |   |                         |    |   |                         |   | 106 | % |   |   |   |   |   |   |   |   |   |   | 104 | % |   |   |   |   |

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|                                                       |   | 3/31/2011 |   |   | 12/31/2010 |   |   | 12/31/2009 |   |
|------------------------------------------------------------|--------|-----------|--------|--------|------------|--------|--------|------------|--------|
| Nonperforming loans                                        |   | $         | 21,390 |   |       | $      | 23,012 |       |   | $ | 34,285 |   |
| Real estate acquired in settlement of loans                |   |      | 10,850 |   |       |   | 10,540 |       |   |   | 6,760 |   |
| Total nonperforming assets                                 |   | $         | 32,240 |   |       | $      | 33,552 |       |   | $ | 41,045 |   |
|                                                       |   |      |   |   |       |   |   |       |   |   |   |   |
| Total nonperforming assets as a percentage of total assets |   |      | 4.66   | %      |       |   | 4.91   | %          |   |   | 5.56 | % |
| Allowance for loan losses                                  |   | $         | 12,909 |   |       | $      | 13,083 |       |   | $ | 14,076 |   |
| Allowance for loan losses as a percentage of gross loans   |   |      | 2.56   | %      |       |   | 2.54   | %          |   |   | 2.61 | % |

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| Item 3.  | Quantitative and Qualitative Disclosures about Market Risk |
|---------------|------------------------------------------------------------|

| BP Change |   |   | Estimated Net Portfolio Value |   |   | NPV as % of PV of Assets |   |
|-----------|--------|--------|-------------------------------|--------|--------|--------------------------|--------|
| in Rates  |   |   | $ Amount                      |   |   | $ Change                 |   |   | % Change |   |   | NPV Ratio |   |   | Change |   |
| +200      |   |   |                          | 59,492 |   |                     |   | (3,491 | ) |   |   | -5.50 | % |   |   | 8.70 | % |   |   | -0.31 | % |
| +100      |   |   |                          | 61,108 |   |                     |   | (1,875 | ) |   |   | -3.00 | % |   |   | 8.84 | % |   |   | -0.17 | % |
| NC        |   |   |                          | 62,983 |   |                     |   | - |   |   |   | 0.00 | % |   |   | 9.01 | % |   |   | 0.00 | % |
| -100      |   |   |                          | 65,471 |   |                     |   | 2,488 |   |   |   | 4.00 | % |   |   | 9.26 | % |   |   | 0.25 | % |
| -200      |   |   |                          | 69,575 |   |                     |   | 6,592 |   |   |   | 10.50 | % |   |   | 9.73 | % |   |   | 0.72 | % |

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Table of Contents

Procedures

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Table of Contents

PART 

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

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

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

| Period                                |   | (a) Total Number of Shares Purchased |   |   | (b) Average Price Paid per Share |   |   | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) |   |   | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs |   |
|---------------------------------------|--------|--------------------------------------|--------|--------|----------------------------------|--------|--------|------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------|--------|
| January 1, 2011 to January 31, 2011   |   |                                 | -      |   |                             |   | -      |                                                                                     |   |   | -                                                                                  |   |   |   | 197,624 |   |
| February 1, 2011 to February 28, 2011 |   |                                 | -      |   |                             |   | -      |                                                                                     |   |   | -                                                                                  |   |   |   | 197,624 |   |
| March 1, 2011 to March 31, 2011       |   |                                 | 7,592  |   |                             | $      | 6.00   |                                                                                     |   |   | 7,592                                                                              |   |   |   | 190,032 |   |
| Total                                 |   |                                 | 7,592  |   |                             | $      | 6.00   |                                                                                     |   |   | 7,592                                                                              |   |   |   |   |   |

| (1) | The Company has a repurchase plan which was announced on August 20, 2007.  This plan authorizes the purchase by the Company of up to 350,000 shares of the Company’s common stock.  There is no expiration date for this plan.  There are no other repurchase plans in effect at this time. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| Item 4.  | (Removed and Reserved) |
|---------------|------------------------|

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

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

| 10.1   | Written Description of 2011 Executive Incentive Compensation Annual Plan – President and Chief Executive Officer* (1) |
|--------|-----------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                        |
| 10.2   | Written Description of 2011 Executive Incentive Compensation Annual Plan – Chief Financial Officer* (2)               |
|   |                                                                                                                        |
| 10.3   | Written Description of 2011 Executive Incentive Compensation Annual Plan – Chief Operating Officer* (3)               |
|   |                                                                                                                        |
| 10.4   | Written Description of 2011 Executive Incentive Compensation Annual Plan – Chief Lending Officer* (4)                 |
|   |                                                                                                                        |
| 10.5   | Written Description of 2011 Executive Incentive Compensation Annual Plan – Chief Credit Officer* (5)                  |

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Table of Contents

| 11.     | Statement re: computation of per share earnings (set forth in “Note 6: Income Per Common Share” of the Notes to Condensed Consolidated Financial Statement (unaudited) |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                               |
| 31(i).1 | Certification of the Principal Executive Officer pursuant to Rule 13a -14(a) of the Exchange Act                                                                                   |
|    |                                                                                                                                                                               |
| 31(i).2 | Certification of the Principal Financial Officer pursuant to Rule 13a - 14(a) of the Exchange Act                                                                                  |
|    |                                                                                                                                                                               |
| 32.1    | CEO certification pursuant to 18 U.S.C. Section 1350                                                                                                                               |
|    |                                                                                                                                                                               |
| 32.2    | CFO certification pursuant to 18 U.S.C. Section 1350                                                                                                                               |

| (1) | Filed as Exhibit 10.1 to the Current Report on Form 8-K filed by the Registrant on February 28, 2011 and incorporated herein by reference. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Filed as Exhibit 10.2 to the Current Report on Form 8-K filed by the Registrant on February 28, 2011 and incorporated herein by reference. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Filed as Exhibit 10.3 to the Current Report on Form 8-K filed by the Registrant on February 28, 2011 and incorporated herein by reference. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Filed as Exhibit 10.4 to the Current Report on Form 8-K filed by the Registrant on February 28, 2011 and incorporated herein by reference. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Filed as Exhibit 10.5 to the Current Report on Form 8-K filed by the Registrant on February 28, 2011 and incorporated herein by reference. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

SIGNATURES

| Guaranty Federal Bancshares, Inc.                         |
|-----------------------------------------------------------|
|                                                      |   |   |
| Signature and Title                                       |   | Date |
|                                                      |   |   |
| /s/ Shaun A. Burke                                        |   | May 16, 2011 |
| Shaun A. Burke                                            |   |
| President and Chief Executive Officer                     |   |
| (Principal Executive Officer and Duly Authorized Officer) |   |
|                                                      |   |   |
| /s/ Carter Peters                                         |   | May 16, 2011 |
| Carter Peters                                             |   |
| Executive Vice President and Chief Financial Officer      |   |
| (Principal Financial and Accounting Officer)              |   |

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