UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                         ------------------------------

                                   FORM 10-QSB
(Mark One)

[X]  QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
     OF 1934

     FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2004

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

     FOR THE TRANSITION PERIOD FROM _________ TO _________

                         Commission File Number 0-50666
                                                -------

                          OSAGE FEDERAL FINANCIAL, INC.
--------------------------------------------------------------------------------
        (Exact name of Small Business Issuer as specified in its Charter)

         UNITED STATES                                         27-0080039
-------------------------------                           ----------------------
(State or other jurisdiction of                              (IRS Employer
 incorporation or organization)                           Identification No.)

                 239 EAST MAIN STREET, PAWHUSKA, OKLAHOMA 74056
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (918) 287-2919
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

                                 NOT APPLICABLE
--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

     Check  whether  the issuer (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days.

 X    Yes      No
---       ---

     As of December 31, 2004,  there were 2,281,313  shares of the  Registrant's
common stock, par value $.10 per share, outstanding.

     Transitional Small Business Issuer Disclosure Format (check one):

      Yes  X   No
---       ---

<PAGE>
                          OSAGE FEDERAL FINANCIAL, INC.

                               PAWHUSKA, OKLAHOMA
<TABLE>
<CAPTION>
                                      INDEX

                                                                                              PAGE
                                                                                              ----
<S>                                                                                            <C>

PART I.  FINANCIAL INFORMATION
------

Item 1.  Financial Statements

Consolidated  Balance  Sheets as of December 31, 2004  (Unaudited)  and June 30, 2004           3
Consolidated  Statements of Income -  (Unaudited)  for the three and six
   months ended December 31, 2004 and 2003                                                      4
Consolidated Statements of Cash Flows - (Unaudited) for the six months ended
   December 31, 2004 and 2003                                                                   5
Notes to Consolidated Financial Statements (Unaudited)                                          7

Item 2.  Management's Discussion and Analysis or Plan of Operation                              11

Item 3.  Controls and Procedures                                                                16

PART II. OTHER INFORMATION
-------

Item 4.  Submission of Matters to a Vote of Security Holders                                    17

Item 6.  Exhibits                                                                               18

Signatures                                                                                      19

</TABLE>



                                       2
<PAGE>

ITEM 1.  FINANCIAL STATEMENTS

                          OSAGE FEDERAL FINANCIAL, INC.
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS

                                                                                    DECEMBER 31,         JUNE 30,
                                                                                       2004               2004
                                                                                  --------------     --------------
                                                                                   (unaudited)
<S>                                                                               <C>                <C>
    Cash and due from banks                                                       $      505,099     $      573,913
    Interest bearing deposits with banks                                                 937,422          1,019,078
                                                                                   -------------      -------------

        Cash and cash equivalents                                                      1,442,521          1,592,991

    Available-for-sale securities                                                     11,624,897         11,490,050
    Held-to-maturity securities                                                       12,982,560         15,711,809
    Mortgage loans held for sale                                                          85,405                 --
    Loans, net                                                                        60,794,750         55,495,751
    Premises and equipment                                                             1,274,718          1,318,857
    Interest receivable                                                                  333,788            319,708
    Federal Home Loan Bank stock, at cost                                                764,500            685,000
    Income taxes refundable                                                                   --             70,403
    Bank owned life insurance                                                          1,974,899          1,934,045
    Other                                                                                245,334            272,465
                                                                                   -------------      -------------

               Total assets                                                       $   91,523,372     $   88,891,079
                                                                                   =============      =============


LIABILITIES AND STOCKHOLDERS' EQUITY

    LIABILITIES
        Deposits                                                                  $   61,814,013     $   61,666,634
        Federal Home Loan Bank advances                                               15,000,000         12,600,000
        Advances from borrowers held in escrow                                           434,836            689,065
        Accrued interest and other liabilities                                           281,323            220,504
        Deferred income taxes                                                            101,684            112,982
                                                                                   -------------      -------------

               Total liabilities                                                      77,631,856         75,289,185
                                                                                   -------------      -------------

    COMMITMENTS AND CONTINGENCIES                                                             --                 --

    EQUITY RECEIVED FROM CONTRIBUTIONS TO THE ESOP                                        69,397                 --

    STOCKHOLDERS' EQUITY
        Preferred stock, $.10 par value (5,000,000 shares authorized;
          none outstanding)                                                                   --                 --
        Common stock, $.10 par value (20,000,000 shares authorized;
          2,281,313 shares issued and outstanding at December 31, 2004
          and June 30, 2004, net of 6,077 allocated ESOP shares
          at December 31, 2004)                                                          222,656            222,656
        Additional paid-in capital                                                     5,646,912          5,646,912
        Retained earnings                                                              8,036,994          7,810,673
        Accumulated other comprehensive loss                                             (84,443)           (78,347)
                                                                                   --------------     -------------
               Total stockholders' equity                                             13,822,119         13,601,894
                                                                                   -------------      -------------

               Total liabilities and stockholders' equity                         $   91,523,372     $   88,891,079
                                                                                   =============      =============
</TABLE>

See Notes to Consolidated Financial Statements

                                       3
<PAGE>

                          OSAGE FEDERAL FINANCIAL, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
                                                       THREE MONTHS ENDED        SIX MONTHS ENDED
                                                           DECEMBER 31,              DECEMBER 31,
                                                      -----------------------   -----------------------
                                                        2004          2003        2004         2003
                                                      ----------   ----------   ----------   ----------
<S>                                                   <C>          <C>          <C>          <C>
    INTEREST INCOME                                          (unaudited)              (unaudited)
        Loans                                         $  963,542   $  830,233   $1,905,722   $1,678,250
        Available-for-sale securities                     75,253       61,467      144,679      112,581
        Held-to-maturity securities                      135,878       90,302      284,019      174,992
        Deposits with other financial institution          2,687        9,728        3,964       26,849
        Other                                              7,791        5,889       14,679       11,777
                                                      ----------   ----------   ----------   ----------
           Total interest income                       1,185,151      997,619    2,353,063    2,004,449
                                                      ----------   ----------   ----------   ----------
    INTEREST EXPENSE
        Deposits                                         337,922      333,619      671,611      687,961
        Advances from Federal Home Loan Bank             161,979      144,453      326,512      294,874
                                                      ----------   ----------   ----------   ----------
           Total interest expense                        499,901      478,072      998,123      982,835
                                                      ----------   ----------   ----------   ----------
    NET INTEREST INCOME                                  685,250      519,547    1,354,940    1,021,614
    Provision for loan losses                                 --           --           --           --
                                                      ----------   ----------   ----------   ----------
    Net interest income after provision for loan
       losses                                            685,250      519,547    1,354,940    1,021,614
                                                      ----------   ----------   ----------   ----------

    NONINTEREST INCOME
        Service charges on deposit accounts               86,121       92,580      186,945      180,991
        Other service charges and fees                    14,359       17,983       29,295       34,253
        Gain on sale of mortgage loans                    15,084       17,862       32,097      143,605
        Net loan servicing fees                            8,523        6,965       16,094        7,800
        Other income                                      29,468        5,478       59,692       11,592
                                                      ----------   ----------   ----------   ----------
           Total noninterest income                      153,555      140,868      324,123      378,241
                                                      ----------   ----------   ----------   ----------

    NONINTEREST EXPENSE
        Salaries and employee benefits                   359,918      312,260      706,567      629,739
        Net occupancy expense                             65,087       74,098      138,937      146,524
        Deposit insurance premium                          2,330        2,226        4,878        4,629
        Other operating expenses                         199,877      177,219      376,082      346,981
                                                      ----------   ----------   ----------   ----------
           Total noninterest expense                     627,212      565,803    1,226,464    1,127,873
                                                      ----------   ----------   ----------   ----------

    INCOME BEFORE INCOME TAXES                           211,593       94,612      452,599      271,982
    PROVISION FOR INCOME TAXES                            67,166       36,334      150,994      103,831
                                                      ----------   ----------   ----------   ----------
    NET INCOME                                        $  144,427   $   58,278   $  301,605   $  168,151
                                                      ==========   ==========   ==========   ==========
    BASIC EARNINGS PER SHARE                          $     0.06   $      N/A   $     0.14   $      N/A
                                                      ==========   ==========   ==========   ==========
    DILUTED EARNINGS PER SHARE                        $     0.06   $      N/A   $     0.14   $      N/A
                                                      ==========   ==========   ==========   ==========
    CASH DIVIDENDS PAID PER SHARE                     $     0.06   $      N/A   $     0.11   $      N/A
                                                      ==========   ==========   ==========   ==========
</TABLE>

See Notes to Consolidated Financial Statements

                                       4
<PAGE>
                          OSAGE FEDERAL FINANCIAL, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>


                                                                                          SIX MONTHS ENDED
                                                                                            DECEMBER 31,
                                                                                -------------------------------------
                                                                                      2004               2003
                                                                                -------------------------------------
                                                                                            (unaudited)
<S>                                                                             <C>                <C>
    OPERATING ACTIVITIES

        Net income                                                              $       301,605    $        168,151
        Items not requiring (providing) cash
           Depreciation                                                                  60,711              67,361
           Amortization                                                                  58,064              69,472
           Deferred income taxes                                                        (13,079)            (17,386)
           Gain on sale of mortgage loans                                               (32,097)           (143,605)
           (Gain) loss on sale of foreclosed assets held for sale                           260                (178)
           Gain on disposal of premises and equipment                                        --              (4,200)
           Dividends on available-for-sale mutual funds                                (144,679)           (112,581)
           Stock dividends on Federal Home Loan Bank stock                              (14,500)             (5,800)
           Increase in cash surrender value of bank owned life insurance                (40,854)                 --
        Originations of loans held for delivery against commitments                  (3,145,347)         (8,583,042)
        Proceeds from nonrecourse sale of loans held for delivery against
          commitments                                                                 3,078,255           9,992,359
        Amortization of Employee Stock Ownership Plan Shares                             69,397                  --
           Interest receivable                                                          (14,080)              3,557
           Other assets                                                                   1,333            (143,740)
           Accrued interest and other liabilities                                       136,739              71,555
                                                                                  -------------      --------------

               Net cash provided by operating activities                                232,331           1,361,923
                                                                                  -------------      --------------

    INVESTING ACTIVITIES
        Net change in loans                                                          (5,317,410)         (2,128,746)
        Purchases of premises and equipment                                             (16,572)            (33,735)
        Purchase of Federal Home Loan Bank stock                                        (65,000)                 --
        Proceeds from sale of premises and equipment                                         --               4,200
        Proceeds from sale of foreclosed assets                                          18,151              11,100
        Purchases of available-for-sale securities                                           --          (2,000,000)
        Proceeds from maturities and paydowns of held-to-maturity
          securities                                                                  2,710,767           4,874,369
        Purchases of held-to-maturity securities                                             --          (7,918,035)
        Purchases of bank-owned life insurance                                               --          (1,900,000)
                                                                                  -------------      --------------

               Net cash  used in investing activities                                (2,670,064)         (9,090,847)
                                                                                  -------------      --------------
</TABLE>

See Notes to Consolidated Financial Statements

                                       5
<PAGE>
                          OSAGE FEDERAL FINANCIAL, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (CONTINUED)
<TABLE>
<CAPTION>
                                                                                          SIX MONTHS ENDED
                                                                                            DECEMBER 31,
                                                                                -------------------------------------
                                                                                      2004               2003
                                                                                -------------------------------------
                                                                                            (unaudited)
<S>                                                                             <C>                <C>
    FINANCING ACTIVITIES
        Net increase (decrease)  in demand, money market, NOW and savings
          deposits                                                              $      (240,414)   $      1,871,475
        Net increase (decrease) in certificates of deposit                              387,793          (2,523,118)
        Net increase in Federal Home Loan Bank line of credit                           400,000           1,500,000
        Proceeds from Federal Home Loan Bank advances                                 4,000,000                  --
        Repayments of Federal Home Loan Bank advances                                (2,000,000)                 --
        Net (decrease) in advances from borrowers held in escrow                       (254,229)           (420,754)
        Payment of dividends                                                            (75,284)                 --
                                                                                  -------------      --------------
               Net cash provided by financing activities                              2,287,263             427,603
                                                                                  -------------      --------------

    DECREASE IN CASH AND CASH EQUIVALENTS                                              (150,470)         (7,301,321)

    CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                    1,592,991          10,114,000
                                                                                  -------------      --------------

    CASH AND CASH EQUIVALENTS, END OF PERIOD                                    $     1,442,521    $      2,812,679
                                                                                  =============      ==============

    SUPPLEMENTAL CASH FLOWS INFORMATION

        Real estate and other assets acquired in settlement of loans            $        18,844    $         42,580

        Interest paid                                                           $       997,344    $        979,928

        Income taxes paid                                                       $        42,360    $        147,949

        Mutual fund dividends reinvested                                        $       144,679    $        112,581
</TABLE>

See Notes to consolidated Financial Statements



                                       6
<PAGE>

                          OSAGE FEDERAL FINANCIAL, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

1.   OSAGE FEDERAL FINANCIAL, INC.

     Osage  Federal  Financial,  Inc.  (the  "Company")  was  incorporated  as a
     federally  chartered  corporation  for the purpose of becoming  the holding
     company of Osage  Federal Bank (the "Bank") in  connection  with the Bank's
     mutual  holding  company  reorganization.  On  March  31,  2004,  the  Bank
     completed the  reorganization  and became a wholly-owned  subsidiary of the
     Company.  The Company sold 684,394 shares to the public at $10.00 per share
     and issued 1,596,919 shares to Osage Federal MHC. At December 31, 2004, the
     consolidated  financial  statements  of the Company  included  those of the
     Bank. All intercompany items have been eliminated. Prior to consummation of
     the reorganization, the Company had no assets or liabilities.  Accordingly,
     the Company's financial statements consist of those of the Bank for periods
     prior to March 31, 2004.


     RECLASSIFICATIONS

     Certain reclassifications have been made to the June 30, 2004 balance sheet
     to conform to the  December  31, 2004  balance  sheet  presentation.  These
     reclassifications had no effect on net earnings or stockholders' equity.


2.   BASIS OF PRESENTATION

     The accompanying  unaudited consolidated financial statements were prepared
     in  accordance  with  instructions  for Form 10-QSB and  therefore,  do not
     include  all  disclosures  necessary  for a  complete  presentation  of the
     statement of financial condition, statement of income and statement of cash
     flows in conformity with accounting  principles  generally  accepted in the
     United States of America.  However,  all adjustments (all of which are of a
     normal recurring nature) which are, in the opinion of management, necessary
     for the fair  presentation  of the interim  financial  statements have been
     included.  The  balance  sheet of the  Company as of June 30, 2004 has been
     derived from the audited  balance sheet of the Company as of that date. The
     statements of income for periods presented is not necessarily indicative of
     the results which may be expected for the entire year.

     Certain information and note disclosures normally included in the Company's
     annual  financial   statements   prepared  in  accordance  with  accounting
     principles  generally  accepted in the United  States of America  have been
     condensed or omitted.  These condensed financial  statements should be read
     in conjunction with the financial  statements and notes thereto included in
     the Company's Annual Report on Form 10-KSB for the year ended June 30, 2004
     filed with the Securities and Exchange Commission.

3.   EARNINGS PER SHARE

     Earnings per share (EPS) were  computed as follows for the three months and
     six month periods ended  December 31, 2004.  Since the Company did not have
     stockholders prior to April 1, 2004, earlier earnings per share disclosures
     would not be meaningful:

                                       7
<PAGE>


                          OSAGE FEDERAL FINANCIAL, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                 Quarter ended    Six months ended
                                                                 -------------    ----------------
         <S>                                                    <C>                  <C>
         Net income                                             $   144,427          $  301,605
         Average common shares outstanding (basic)                2,226,628           2,226,595
         Average common shares outstanding (fully diluted)        2,227,503           2,226,595
         Basic earnings per share                                     $ .06                $.14
         Fully diluted earnings per share                             $ .06                $.14
</TABLE>

     Options to purchase  102,656 shares were  outstanding at December 31, 2004,
     and were not included in the earnings per share calculation,  as the effect
     would have been anti-dilutive.


4.   PLAN OF MUTUAL HOLDING COMPANY REORGANIZATION AND STOCK ISSUANCE

     On  November  24,  2003,  the Board of  Directors  of the Bank,  subject to
     regulatory  approval,  adopted a proposed  Plan of Mutual  Holding  Company
     Reorganization  and Stock Issuance (the "Plan") to convert from a federally
     chartered  mutual savings  association  into a federally  chartered  mutual
     holding  company  structure under the name "Osage Federal MHC" (the "Mutual
     Holding Company")  pursuant to the laws of the United States of America and
     the Rules and Regulations of the Office of Thrift  Supervision  ("OTS").  A
     principal part of the  reorganization  into the Mutual Holding  Company was
     the incorporation of a federally chartered stock holding company.  The Bank
     became a wholly owned subsidiary of a concurrently  formed holding company.
     The Plan  provided  that the holding  company  would offer  nontransferable
     subscription  rights to purchase common stock of the holding  company.  The
     rights  were  to  be  offered  first  to  eligible  account  holders,   the
     tax-qualified  employee stock benefit plans,  supplemental eligible account
     holders and other members.  Any shares remaining were then to be offered to
     the general  public.  All stock was issued to eligible  account holders and
     the tax-qualified employee stock benefit plan.

     Upon completion of the reorganization, the Mutual Holding Company owned 70%
     of the outstanding stock of the Company, with the remaining 30% held by the
     public.  The Company owned 100% of the Bank. The Bank may not pay dividends
     to the  Company  if the  dividends  would  cause the Bank to fall below the
     "well capitalized" capital threshold.

     The Company  contributed  approximately 50% of the proceeds of the offering
     to the Bank. The Company also lent its employee  stock  ownership plan cash
     to  enable  the plan to buy 8% of the  shares  issued  in the  offering  to
     persons  other than the MHC. The balance will be retained as the  Company's
     initial  capitalization  and may be used  for  general  business  purposes,
     including the purchase of investment securities, repurchasing shares of its
     common stock and paying  dividends.  The funds received by the Bank will be
     used  for  general  business  purposes,  including  originating  loans  and
     purchasing securities.

     Offering  costs were  deferred and deducted from the proceeds of the shares
     sold in the stock  offering.  If the offering had not been  completed,  all
     costs would have been charged to expense. At December 31, 2004, $426,900 in
     such costs had been incurred.

                                       8
<PAGE>

5.   OTHER COMPREHENSIVE INCOME

     Other comprehensive income is comprised of the following:
<TABLE>
<CAPTION>
                                                                   THREE MONTHS ENDED              SIX MONTHS ENDED
                                                                      DECEMBER 31,                     DECEMBER 31,
                                                               ------------------------          ------------------------
                                                                 2004             2003             2004            2003
                                                               --------       ---------          --------       ---------
                                                                                      (Unaudited)
<S>                                                            <C>            <C>                <C>            <C>
    NET INCOME                                                 $144,427       $  58,278          $301,605       $ 168,151
                                                               --------       ---------          --------       ---------
    OTHER COMPREHENSIVE INCOME (LOSS)
        Unrealized gain (loss) on
          available-for-sale securities, net of
          income taxes                                           (6,067)             25            (6,096)        (33,781)
                                                               --------       ---------         ---------       ---------
    COMPREHENSIVE INCOME                                       $138,360       $  58,303          $295,509       $ 134,370
                                                               ========       =========          ========       =========
</TABLE>

6.   RECENT ACCOUNTING PRONOUNCEMENTS

     The Emerging Issues Task Force (EITF) of the Financial Accounting Standards
     Board  (FASB)   previously   issued  EITF  Issue  03-1,   "The  Meaning  of
     Other-Than-Temporary    Impairment   and   Its   Application   to   Certain
     Investments."  EITF  Issue 03-1  provides  guidance  on the  meaning of the
     phrase other-than-temporary impairment and its application to several types
     of investments,  including debt securities  classified as  held-to-maturity
     and  available-for-sale  under FASB  Statement  No.  115,  "Accounting  for
     Certain  Investments  in Debt  and  Equity  Securities."  EITF  Issue  03-1
     attempts to better define whether impairment losses should be recognized on
     available-for-sale  securities prior to sale of the securities. It provides
     guidance for evaluating whether and when unrealized losses should be deemed
     "other-than-temporary,"  requiring immediate  recognition of losses through
     earnings.  In addition,  EITF 03-1 requires financial statement  disclosure
     for  impaired   securities  on  which  an  impairment  loss  has  not  been
     recognized,  including the amount of  unrealized  loss and the term of that
     impairment.  Certain  portions of EITF 03-1 have been  delayed in order for
     the FASB Staff to  provide  implementation  guidance  and  clarify  several
     issues that were raised by  interested  parties  during the public  comment
     period. The Company is monitoring developments related to this EITF Issue.

     On December 16,  2004,  the  Financial  Accounting  Standards  Board (FASB)
     issued FASB Statement No. 123 (revised 2004),  "Share-Based Payment", which
     is a revision  of FASB  Statement  No.  123,  "Accounting  for  Stock-Based
     Compensation."  Statement 123(R) supersedes APB Opinion No. 25, "Accounting
     for  Stock  Issued  to  Employees",  and  amends  FASB  Statement  No.  95,
     "Statement  of Cash  Flows." The  approach to  accounting  for  share-based
     payments  in  Statement  123(R) is similar  to the  approach  described  in
     Statement 123. However,  Statement 123(R) requires all share-based payments
     to employees,  including grants of employee stock options, to be recognized
     in the financial statements based on their fair values and no longer allows
     pro forma disclosure as an alternative to financial statement  recognition.
     The Company adopted  Statement 123(R) during its quarter ended December 31,
     2004 in  conjunction  with the newly  adopted  stock option and  restricted
     stock plans. The future financial statement impact of Statement 123(R) will
     depend on the estimated fair value of options granted.

                                       9
<PAGE>
7.   ADOPTION OF STOCK OPTION PLAN AND RESTRICTED STOCK PLAN

     On November 17, 2004, the Company held its annual  meeting of  shareholders
     at which the shareholders  approved the Osage Federal Financial,  Inc. 2004
     Stock  Option  Plan (the  Plan).  The purpose of the Plan is to attract and
     retain qualified personnel for positions of substantial responsibility, and
     to provide  additional  incentive to certain officers,  directors and other
     employees.  114,065 options were approved and 102,656 options were granted.
     The Company is applying  FAS 123(R) to account for the stock  option  plan.
     The shareholders also approved the Osage Federal Bank 2004 Restricted Stock
     Plan (the RSP). The purpose of the RSP is to reward and retain personnel of
     experience  and  ability  in key  positions  of  responsibility,  including
     officers,  directors  and other  employees.  The  purchase  of up to 45,626
     shares were approved and 41,060 shares were granted to employees.

     Option awards are granted with an exercise  price equal to the market price
     of the  Company's  stock at the date of grant.  Both  option and RSP awards
     vest based on 5 years of continuous service. The option awards have 10 year
     contractual terms.  Option and share awards provide for accelerated vesting
     if there is a change in control as defined in the Plan and RSP.

     The fair value of each option award is estimated on the date of grant using
     the  Black-Scholes  model that uses the assumptions  noted in the following
     table.  Expected  volatilities  are based on  historical  volatility of the
     Company's  stock.  The Company  uses  historical  data to  estimate  option
     exercise and employee  termination within the valuation model. The expected
     term of options  granted is an estimate by  management  and  represent  the
     period of time that  options  granted are expected to be  outstanding.  The
     risk-free  rate for periods within the  contractual  life of the options is
     based on the U.S. Treasury rate for a similar term in effect at the time of
     grant.

                                                      December 31, 2004
                                                      -----------------
        Expected volatility                                  25%
        Weighted average volatility                          25%
        Expected dividends                                    6%
        Expected term (in years)                              6
        Risk-free rate                                     3.47%

     A summary of option  activity  under the Plan as of  December  31, 2004 and
     changes during the period then ended is presented below:
<TABLE>
<CAPTION>
                                                                                                  Weighted-Average
                                                                              Weighted-Average        Remaining
                         Options                                Shares        Exercise Price     Contractual Term
                         -------                                ------        --------------     ----------------

         <S>                                                 <C>                 <C>                <C>
         Outstanding at September 30, 2004                            --                  --          --
         Granted                                                 102,656        $      12.10        10 years
                                                             -----------         -----------
         Outstanding at December 31, 2004                        102,656        $      12.10        10 years
                                                             ===========         ===========
         Exercisable at December 31, 2004                             --                  --          --
</TABLE>

     The  weighted-average  grant-date  fair value of options granted during the
     period ended December 31, 2004 was $12.10.

     It is  anticipated  that the annual cost of the Plan will be  approximately
     $.01 per share.

                                       10
<PAGE>


ITEM 2.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                              OR PLAN OF OPERATION

GENERAL

     The   following   discussion   and   analysis  is  intended  to  assist  in
understanding the financial condition and results of operations of the Company.

FORWARD-LOOKING STATEMENTS

     When used in this discussion and elsewhere in this Quarterly Report on Form
10-QSB,  the words or phrases  "will likely  result,"  "are  expected to," "will
continue," "is anticipated,"  "estimate,"  "project," or similar expressions are
intended  to  identify  "forward-looking  statements"  within the meaning of the
Private  Securities  Litigation Reform Act of 1995. The Company cautions readers
not to place undue reliance on any such forward-looking statements,  which speak
only as of the date made, and advises  readers that various  factors,  including
regional  and  national  economic  conditions,  substantial  changes in level of
market  interest  rates,  credit  and  other  risks of  lending  and  investment
activities and  competitive  and  regulatory  factors could affect the Company's
financial  performance  and could cause the Company's  actual results for future
periods to differ  materially from those  anticipated or projected.  The Company
does not  undertake  and  specifically  disclaims  any  obligation to update any
forward-looking statements to reflect occurrence of anticipated or unanticipated
events or circumstances after the date of such statements.

COMPARISON OF FINANCIAL CONDITION AT DECEMBER 31, 2004 AND JUNE 30, 2004

     Our total assets increased by $2.6 million to $91.5 million at December 31,
2004 from $88.9 million at June 30, 2004  primarily  due to a $5.3  million,  or
9.5% increase in loans receivable, net. Loans receivable, net increased to $60.8
million at December 31, 2004 from $55.5 million at June 30, 2004.  This increase
in loans  receivable,  net  primarily  resulted  from a $3.3  million,  or 7.9%,
increase in one- to four-family mortgages, to $45.3 million at December 31, 2004
from $42.0 million at June 30, 2004. Other loans,  including  nonresidential and
land loans,  increased $1.5 million,  or 30.0%,  to $6.5 million at December 31,
2004 from $5.0 million at June 30, 2004. A significant part of this increase was
a $550,000  loan made to a local  church.  Loans  held for sale were  $85,000 at
December  31, 2004.  There were no loans held for sale at June 30, 2004.  We are
selling most of our one- to four-family  loans in excess of fifteen years in the
secondary  market.  Cash and cash  equivalents  were  $1.4  million  (consisting
primarily of our FHLB demand  account) at December 31, 2004,  down slightly from
$1.6 million at June 30, 2004.  Total  securities  decreased to $24.6 million at
December  31,  2004 from  $27.2  million  at June 30,  2004,  reflecting  normal
paydowns of $2.7 million for the period.

     Our total  liabilities  increased  $2.3  million,  or 3.1% mostly due to an
increase in FHLB  advances to $15.0  million at December  31,  2004,  from $12.6
million at June 30, 2004, a $2.4 million,  or 19.0% increase.  These  additional
borrowings  are being used to fund loan growth.  Deposits  were  virtually  flat
between the two periods,  increasing $147,000. There has been some change in the
mix of these deposits, with a $2.1 million increase in checking accounts, offset
by a $2.3  million  decrease  in money  market  accounts.  We began  offering  a
high-yield,  high-balance  NOW account that had  attracted  over $2.2 million in
balances as of December  31,  2004.  Some of those  deposits  have come from our
money  market

                                       11
<PAGE>

accounts. Part of the money market savings decline had been anticipated,  and is
a result of disbursement of public funds on local projects.

     Stockholders'  equity  increased  $220,000 to $13.8 million at December 31,
2004 from $13.6  million at June 30, 2004,  primarily  due to income of $302,000
for the six months ended  December 31, 2004. The Company paid a cash dividend of
$0.05 per share to stockholders other than Osage Federal MHC, or $34,000, in the
quarter  ending  September 30, 2004 and a cash  dividend of $0.06 per share,  or
$41,000 in the quarter ending December 31, 2004.  6,077 shares were allocated to
employees participating in the Osage Federal Employee Stock Ownership Plan. This
increased equity received from contributions to the ESOP by $69,000.

COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2004 AND
2003

     GENERAL.  Net income  for the three  months  ended  December  31,  2004 was
$144,000, an $86,000, or 148.3%,  increase compared to net income of $58,000 for
the three months ended  December 31, 2003.  The increase in net income  resulted
mainly from a significant increase in net interest income.

     INTEREST INCOME. Total interest income increased by $188,000,  or 18.8%, to
$1,185,000  for the three months ended  December 31, 2004 from  $997,000 for the
same period in 2003 primarily due to a $12.2 million increase in average earning
assets and a 14 basis  point  increase in the yield of average  earning  assets.
Although the overall  yield on loans  declined 45 basis  points  compared to the
same  quarter  last  year,  from  6.87% to 6.42%,  average  loan  balances  have
increased $11.7 million. We have used lower-costing borrowings and paydowns from
lower-yielding  investments  to fund  growth in our loan  portfolio.  Investment
yields are up 74 basis points,  from 2.40% to 3.14%,  from the previous  period,
reflecting  higher yields in the  available-for-sale  mutual  funds.  Investment
volumes  have  decreased,  as we  have  used  excess  liquidity  and  investment
maturities to fund loans.

     INTEREST  EXPENSE.  Total interest expense increased  $22,000,  or 4.6%, to
$500,000  for the three months  ended  December  31, 2004 from  $478,000 for the
three months ended December 31, 2003. The increase in interest  expense resulted
from a $7.5 million increase in average interest-bearing liabilities, made up of
a $3.2 million increase in FHLB average advances, and a $4.3 million increase in
average   interest-bearing   deposits.   These  balance  increases  were  almost
completely  offset  by a 17 basis  point  drop in the  overall  average  cost of
interest-bearing liabilities.

     NET INTEREST INCOME. Net interest income increased by $166,000, or 32.0% to
$685,000  for the three months  ended  December  31, 2004 from  $519,000 for the
three months ended December 31, 2003. The net interest rate spread  increased to
2.69% for the 2004 period from 2.39% for the 2003 period, while the net interest
margin increased to 3.11% from 2.73%. The increases in spread and margin reflect
our retention of most one- to four-family mortgages,  instead of selling them in
the  secondary  market,  and  use of  securities  repayments  and  lower-costing
advances to fund loan growth.

     PROVISION  FOR LOAN LOSSES.  There were no  provisions  for loan losses for
either the three  months ended  December 31, 2004 or 2003.  There were less than
$1,000 of net  charge-offs  during the three months ended  December 31, 2004 and
$5,000 of net charge-offs during the three months ended December 31, 2003. Based
on our  stratification  of the loan portfolios using historical loss factors and
other data,  management  believes that the recorded  allowance  would cover both
known  and  inherent  losses  in the  portfolio  that  were  both  probable  and
estimable.

     The evaluation of the level of loan loss allowance is inherently subjective
as it requires  estimates that are  susceptible to significant  revision as more
information  becomes  available  or as future  events

                                       12
<PAGE>

change. The level of the allowance is based on estimates and the ultimate losses
may vary from these  estimates.  The  allowance  for loan losses was $408,000 at
December  31, 2004 and $404,000 at December  31,  2003,  and as a percentage  of
total  loans  outstanding  was .66% and  0.80% at  December  31,  2004 and 2003,
respectively.  The ratio is mainly  reflective  of the  increase  in total loans
outstanding.

     Management assesses the allowance for loan losses monthly. While management
uses available information to estimate losses on loans, loan loss provisions may
be necessary based on changes in economic  conditions.  In addition,  regulatory
agencies, as an integral part of their examination process,  periodically review
the allowance  for loan losses and may require the bank to recognize  additional
provisions based on their judgment of information  available to them at the time
of their examination.  The allowance for loan losses as of December 31, 2004 was
maintained at a level that represented  management's  best estimate of losses in
the loan  portfolio  to the  extent  they  were  both  probable  and  reasonably
estimable. However, there can be no assurance that the level of loan losses will
be sufficient to offset any future loan losses.

     NONINTEREST INCOME.  Noninterest income increased to $154,000 for the three
months ended December 31, 2004 from $141,000 for the three months ended December
31, 2003.  Service charges were down $6,000, and other income increased $24,000.
We began  recognizing  income  related to the net  change in the cash  surrender
value of  bank-owned  life  insurance  that we purchased  beginning in the third
quarter of the last fiscal year.  This income was $20,000 for the quarter  ended
December 31, 2004.

     NONINTEREST EXPENSE.  Noninterest expense was $627,000 for the three months
ended December 31, 2004,  increasing  $61,000 from $566,000 for the three months
ended December 31, 2003.  Salaries and benefits  increased $48,000 or 15.3%, due
to several factors.  $9,000 of expense was recognized in the current quarter for
a restricted stock plan for directors and certain  officers,  which was approved
by stockholders on November 17, 2004.  Also,  benefit expense  associated with a
deferred  compensation  plan  implemented  January 1, 2004 was  $15,000  for the
quarter.  The Company's  contribution  for the Employee Stock Ownership Plan was
$15,000  higher than the  supplemental  401(k)  match that we had accrued in the
quarter  ended  December  31,  2003.  No  supplemental  match was accrued in the
quarter ended December 31, 2004. Payroll taxes increased $5,000 for the quarter,
due to  raises  and some of the new  benefit  plans.  Other  operating  expenses
increased  $23,000  primarily as a result of an additional  $39,000 of audit and
filing fees. These higher fees are incurred because we are now a public company.

     Management  expects  increased  expenses  in the  future as a result of the
establishment  of the  employee  stock  ownership  plan and other stock  benefit
plans, as well as increased costs associated with being a public company such as
periodic reporting, annual meeting materials, retention of a transfer agent, and
professional fees.

     PROVISION  FOR INCOME  TAXES.  The  provision  for income  taxes  increased
$31,000,  or 84.9%,  reflecting an increase in pretax income.  The effective tax
rate was 32% and 38% for the three  months  ended  December  31,  2004 and 2003,
respectively.

COMPARISON OF OPERATING  RESULTS FOR THE SIX MONTHS ENDED  DECEMBER 31, 2004 AND
2003

         GENERAL.  Net income for the six months  ended  December  31,  2004 was
$302,000,  a $134,000 or 79.8%,  increase compared to net income of $168,000 for
the six months  ended  December 31,  2003.  The increase in net income  resulted
mainly from an increase in net interest income.

         INTEREST INCOME. Total interest income increased by $349,000, or 17.4%,
to $2.4 million for the six months ended December 31, 2004 from $2.0 million for
the same period in 2003  primarily due to an


                                       13
<PAGE>

$11.0 million  increase in earning  assets and a 15 basis point  increase in the
average yield earned on those assets for the six month period ended December 31,
2004,  compared to the same period last year.  Our average  loans for the period
have increased to $58.5 million,  a $10.4 million  increase over the same period
last year.  The loan yield has  declined 44 basis points to 6.48% for these same
periods. Maturities and paydowns of our investment securities have been invested
in loans.  Average  balances of  securities  and deposits  with other  financial
institutions  for the six months ended December 31, 2004 were $27.6  million,  a
slight increase of $509,000 over average  balances in the same period last year.
At the same time,  average  yields on our  securities  have  increased  81 basis
points to 3.11% for the  year-to-date  2004  period.  When we raised  additional
capital  on  March  31,  2004,   the  proceeds  were   originally   invested  in
mortgage-backed  securities.  These  typically  have higher yields than deposits
held at other banks.  In the six month period ended  December 31, 2003, we had a
significantly  higher mix of these bank  deposits  than in the same period ended
December  31,  2004.  These  factors  contributed  to  our  improved  yields  on
investment securities, and earning assets overall.

     INTEREST EXPENSE.  Total interest expense increased slightly by $15,000, or
1.6%,  to $998,000 for the six months ended  December 31, 2004 from $983,000 for
the  six  months  ended   December  31,  2003.   Our  average   interest-bearing
liabilities,  including most deposits and FHLB advances,  increased $6.8 million
to $73.2 million for the six month period ending December 31, 2004,  compared to
the same period in 2003.  Of those  averages,  advances  are up $2.9 million and
money  market  deposit  balances  are up $3.1  million.  The  cost of our  total
interest-bearing  liabilities  has  declined  by 23 basis  points from the prior
period,  from 2.94% to 2.71%.  This is a  combination  of two  factors:  gradual
downward repricing of advances as they mature and are reissued; and repricing of
maturing certificates of deposit, causing average interest-bearing deposit rates
to fall 21 basis points from the same period last year.

     NET INTEREST INCOME.  Net interest income increased by $333,000,  or 32.6%,
to $1.4 million for the six months ended December 31, 2004 from $1.0 million for
the six months ended December 31, 2003.  The net interest rate spread  increased
to 2.67%  for the 2004  period  from  2.30% for the 2003  period,  while the net
interest  margin  increased  to 3.10% from 2.67%.  The  increases  in spread and
margin  resulted  from our capital  infusion at March 31,  2004,  combined  with
higher loan demand, and repricing of some interest-bearing liabilities.

     PROVISION  FOR LOAN LOSSES.  There were no  provisions  for loan losses for
either the six months  ended  December  31,  2004 or 2003.  There were less than
$1,000 of net  charge-offs for the six months ended December 31, 2004 and $5,000
of net  charge-offs  for the six months ended  December  31, 2003.  Based on our
stratification  of the loan portfolios  using  historical loss factors and other
data, management believes that the recorded allowance would cover both known and
inherent losses in the portfolio that were both probable and estimable.

     NONINTEREST  INCOME.  Noninterest  income decreased to $324,000 for the six
months ended  December 31, 2004 from $378,000 for the six months ended  December
31, 2003.  Service  charges were up slightly,  by $6,000,  due to higher average
overdraft  activity.  Net  loan  servicing  fees  increased  $8,000  for the two
periods,  due to lower amortization of mortgage  servicing rights.  Gains on the
sale of mortgages  decreased  to $32,000 for the six months  ended  December 31,
2004,  from  $144,000  for the six months  ended  December  31, 2003, a $112,000
decrease.  We anticipate that these gains from the sale of mortgages will remain
at lower levels  because  refinancing  activity has slowed,  and because we have
made a  strategic  decision  to  retain  most of our  originated  mortgages.  By
retaining  mortgages,  we have  increased our net interest  margins,  which have
benefited  the current  period's net  interest  income.  Other income  increased
$48,000 for the two periods.  Beginning in the prior  year's third  quarter,  we
began  recognizing  income related to the net change in the cash surrender value
of bank-owned life insurance that we purchased. Income recognized for the period
ended December 31, 2004 was $41,000.

                                       14
<PAGE>

     NONINTEREST  EXPENSE.  Noninterest  expense  was $1.2  million  for the six
months ended December 31, 2004, increasing $99,000 from $1.1 million for the six
months ended  December 31, 2003.  Salaries and benefits  increased  $77,000,  or
12.2%, for several reasons. $9,000 of expense was recognized in the current year
for a  restricted  stock plan for  directors  and  certain  officers,  which was
approved by  stockholders  on November 17,  2004.  In addition to the expense of
this  plan,  benefit  expense  associated  with  a  deferred  compensation  plan
implemented   January  1,  2004  was  $31,000  for  the  period.  The  Company's
contribution  for the Employee Stock  Ownership Plan was $12,000 higher than the
supplemental  401(k) match that we had accrued in the six months ended  December
31, 2003. No supplemental match was accrued in the six months ended December 31,
2004.  Payroll taxes increased $5,000 for the period,  due to raises and some of
these new benefits.  Furniture and equipment  depreciation  decreased $8,000, or
23.0%,  reflecting accelerated writeoffs of computer equipment in the six months
ended  December 31, 2003 in  connection  with an upgrade of our data  processing
equipment.  Other operating expenses increased $29,000 for the period, primarily
due to an  additional  $58,000 of audit and filing  fees.  These higher fees are
incurred  because  we are now a  public  company.  Offsetting  these  fees was a
$15,000  decrease in loan fees.  Also,  last  year's  other  operating  expenses
reflect $20,000 of losses from customers' fraudulent activities.

     Management  expects  increased  expenses  in the  future as a result of the
establishment  of the  employee  stock  ownership  plan and other stock  benefit
plans, as well as increased costs associated with being a public company such as
periodic reporting, annual meeting materials, retention of a transfer agent, and
professional fees.

     PROVISION  FOR INCOME  TAXES.  The  provision  for income  taxes  increased
$47,000,  or 45.4%,  reflecting an increase in pretax income.  The effective tax
rate was 33% and 38% for the six  months  ended  December  31,  2004  and  2003,
respectively

LIQUIDITY AND CAPITAL RESOURCES

     We are required to have enough investments that qualify as liquid assets in
order to  maintain  sufficient  liquidity  to  ensure a safe and  sound  banking
operation. Liquidity may increase or decrease depending upon the availability of
funds and comparative  yields on investments in relation to the return on loans.
Historically,  we have  maintained  liquid  assets above  levels  believed to be
adequate to meet the  requirements  of normal  operations,  including  potential
deposit  outflows.  Cash flow projections are regularly  reviewed and updated to
assure that adequate liquidity is maintained.

     Our liquidity,  represented by cash and cash  equivalents,  is a product of
our operating,  investing and financing activities. Our primary sources of funds
are deposits,  scheduled  payments,  prepayments  and  maturities of outstanding
loans and mortgage-backed  securities,  maturities of investment  securities and
other short-term investments,  borrowings from the FHLB, and funds provided from
operations.  While  scheduled  payments  from  the  amortization  of  loans  and
mortgage-backed  securities  and maturing  investment  securities and short-term
investments are relatively  predictable sources of funds, deposit flows and loan
prepayments  are  greatly   influenced  by  general  interest  rates,   economic
conditions and  competition.  In addition,  we invest excess funds in short-term
interest-earning  assets, which provide liquidity to meet lending  requirements.
We also generate cash through  borrowings.  We utilize FHLB advances to leverage
our  capital  base and  provide a portion  of the  funding  needed to manage the
interest rate risk  presented by our core  business of attracting  and retaining
retail  deposits to fund  mortgage and  consumer  loans.  On March 31, 2004,  we
raised  additional  capital of $5.9 million,  net of a $548,000 loan made to the
Osage Federal  Employees'  Stock Ownership Plan, and $100,000 paid to capitalize
the Mutual Holding Company.  This additional capital was originally  invested in
mortgage-backed securities.

                                       15
<PAGE>

     Liquidity  management  is both a daily and  long-term  function of business
management.  Excess  liquidity is generally  invested in short-term  investments
such  as  overnight   deposits,   mutual  funds,  and  collateralized   mortgage
obligations.  On a longer term basis,  we  maintain a strategy of  investing  in
various loan products. We use our sources of funds primarily to meet our ongoing
commitments, to pay maturing certificates of deposit and savings withdrawals, to
fund  loan  commitments  and  to  maintain  our  portfolio  of   mortgage-backed
securities and investment  securities.  At December 31, 2004, the total approved
loan origination  commitments  outstanding amounted to $2.3 million. At the same
date,  construction  loans in process were $1.0 million.  We had  commitments to
sell loans to Freddie  Mac of  $85,000.  Certificates  of deposit  scheduled  to
mature in one year or less at December 31, 2004, totaled $17.6 million. Although
the average cost of deposits  decreased  throughout 2003 and 2004,  management's
policy is to maintain  deposit rates at levels that are  competitive  with other
local financial  institutions.  Based on the competitive rates and on historical
experience,  management believes that a significant portion of maturing deposits
will remain with Osage  Federal.  In addition,  at December 31, 2004,  our total
collateralized  borrowing  limit was $38.1 million of which we had $15.0 million
outstanding,  giving us the ability at December 31, 2004 to borrow an additional
$23.1  million from the FHLB of Topeka as a funding  source to meet  commitments
and for liquidity purposes.

ITEM 3.  CONTROLS AND PROCEDURES

The Company's  management  evaluated,  with the  participation  of the Company's
Chief Executive  Officer and Chief Financial  Officer,  the effectiveness of the
Company's  disclosure  controls  and  procedures,  as of the  end of the  period
covered by this report.  Based on that evaluation,  the Chief Executive  Officer
and Chief Financial Officer concluded that the Company's disclosure controls and
procedures are effective to ensure that information  required to be disclosed by
the  Company  in the  reports  that it files or  submits  under  the  Securities
Exchange Act of 1934 is recorded, processed,  summarized and reported within the
time periods  specified in the  Securities and Exchange  Commission's  rules and
forms.

There were no changes in the Company's internal control over financial reporting
that occurred  during the  Company's  last fiscal  quarter that have  materially
affected,  or are reasonably likely to materially affect, the Company's internal
control over financial reporting.

                                       16
<PAGE>
                           PART II. OTHER INFORMATION

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         On  November  17,  2004,   the  Company  held  its  annual  meeting  of
shareholders at which the following items were voted on.

(1)      Election of Directors

      NOMINEE                             FOR*             WITHHELD
-----------------                     ---------            --------
Gary Strahan                          2,203,281              7,069
Richard Trolinger                     2,201,406              8,944
Martha Hayes                          2,201,406              8,944

         There  were no  abstentions  or broker  non-votes  in the  election  of
directors.

(2)      Osage Federal Financial, Inc. 2004 Stock Option Plan

                                                               BROKER
         FOR*              AGAINST           ABSTAIN          NON-VOTE
         ----              -------           -------          --------

         2,086,968          34,867              612             87,903

(3)      Osage Federal Bank 2004 Restricted Stock Plan

                                                               BROKER
         FOR*              AGAINST           ABSTAIN          NON-VOTE
         ----              -------           -------          --------

         2,046,728          75,107              612             87,903


(4)      Ratification of Auditors

                                                               BROKER
         FOR*              AGAINST           ABSTAIN          NON-VOTE
         ----              -------           -------          --------

         2,192,961           3,944           13,445                  0

         ---------------
         *Includes 1,596,919 shares held by Osage Federal MHC.


                                       17
<PAGE>

ITEM 6.  EXHIBITS
         --------

         The following  exhibits are either being filed with or  incorporated by
reference in this quarterly report on Form 10-QSB:
<TABLE>
<CAPTION>
         NUMBER   DESCRIPTION
         ------   -----------
         <S>      <C>
         3(i)     Articles of Incorporation *
         3(ii)    Bylaws *
         4        Form of Common Stock Certificate *
         10.1     Executive Salary Continuation Plan and Split Dollar Agreements with Mark S.
                      White**
         10.2     Executive Salary Continuation Plan and Split Dollar Agreements with Richard
                      Trolinger**
         10.3     Executive Salary Continuation Plan and Split Dollar Agreements with Martha
                      Hayes**
         10.4     Executive Salary Continuation Plan and Split Dollar Agreements with Sue Allen
                      Smith**
         10.5     Director Supplemental Income Plan and Split Dollar Agreements with
                      Mark A. Formby**
         10.6     Director Supplemental Income Plan and Split Dollar Agreements with
                      Harvey Payne**
         10.7     Director Supplemental Income Plan and Split Dollar Agreements with
                      Gary Strahan**
         10.8     Osage Federal Financial, Inc. 2004 Stock Option Plan ***
         10.9     Osage Federal Bank 2004 Restricted Stock Plan ***
         31.1     Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
         31.2     Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
         32       Section 1350 Certification
         ---------------
          *    Incorporated  by  reference  from the  Registrant's  Registration
               Statement on Form SB-2 (File No. 333-111219).
          **   Incorporated  by  reference  from the  Quarterly  Report  on Form
               10-QSB for the Quarter Ended March 31, 2004.
          ***  Incorporated   by  reference   from   Registrant's   Registration
               Statement on Form S-8 (File No. 333-121866)
</TABLE>

                                       18
<PAGE>
                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.


                                            OSAGE FEDERAL FINANCIAL, INC.



Date: February 14, 2005                     /s/ Mark S. White
                                            ------------------------------------
                                            Mark S. White, President
                                            (Duly Authorized Representative)


Date: February 14, 2005                     /s/ Sue Allen Smith
                                            ------------------------------------
                                            Sue Allen Smith, Vice President
                                            (Principal Financial Officer)


                                       19