| Maryland                                | 20-4797391                           |
|-----------------------------------------|--------------------------------------|
| (State or other jurisdiction of         | (I.R.S. Employer Identification No.) |
| incorporation or organization)          |                                 |
|                                    |                                 |
| 6814 Goshen Road, Edwardsville, IL      | 62025                                |
| (Address of principal executive office) | (Zip Code)                           |

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

| Class                                  | Outstanding May 12, 2011 |
|----------------------------------------|--------------------------|
| Common Stock, par value $.10 per share | 7,870,921                |

----

M

|                                                                                                                | PAGE NO. |
|---------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                |     |
|                                                                                                                |     |
| PART I - Financial Information                                                                                      |     |
|                                                                                                                |     |
| Item 1.  Financial Statements (Unaudited)                                                                 |     |
|                                                                                                                |     |
| Consolidated Balance Sheets                                                                                         | 3        |
|                                                                                                                |     |
| Consolidated Statements of Income                                                                                   | 4        |
|                                                                                                                |     |
| Consolidated Statements of Comprehensive Income                                                                     | 5        |
|                                                                                                                |     |
| Consolidated Statements of Cash Flows                                                                               | 6        |
|                                                                                                                |     |
| Notes to Consolidated Financial Statements                                                                          | 8        |
|                                                                                                                |     |
| Item 2.  Management's Discussion and Analysis of Financial Condition  and Results of Operations | 26       |
|                                                                                                                |     |
| Item 3.  Quantitative and Qualitative Disclosures about Market Risk                                       | 36       |
|                                                                                                                |     |
| Item 4.  Controls and Procedures                                                                          | 38       |
|                                                                                                                |     |
|                                                                                                                |     |
| PART II - Other Information                                                                                         |     |
|                                                                                                                |     |
| Item 1.  Legal Proceedings                                                                                | 39       |
|                                                                                                                |     |
| Item 1A.  Risk Factors                                                                                    | 39       |
|                                                                                                                |     |
| Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                                      | 39       |
|                                                                                                                |     |
| Item 3.  Defaults Upon Senior Securities                                                                  | 39       |
|                                                                                                                |     |
| Item 4.  [Reserved]                                                                                       | 39       |
|                                                                                                                |     |
| Item 5.  Other Information                                                                                | 39       |
|                                                                                                                |     |
| Item 6.  Exhibits                                                                                         | 40       |
|                                                                                                                |     |
| Signatures                                                                                                          | 41       |

----

Index

C
l
a

|                                                                 |   | March 31, |        |   | December 31, |   |
|----------------------------------------------------------------------|--------|-----------|-------------|--------|--------------|--------|
|                                                                 | 2011   |      |        | 2010   |         |
| Assets                                                               |   |      |        |   |         |   |
|                                                                 |   |      |        |   |         |   |
| Cash and due from banks                                              |   | $         | 10,902,121  |   |         | $      | 11,294,266 |   |
| Interest-earning deposits                                            |   |      | 10,880,843  |   |         |   | 12,773,854 |   |
| Federal funds sold                                                   |   |      | 31,640,351  |   |         |   | 42,184,927 |   |
| Total cash and cash equivalents                                      |   |      | 53,423,315  |   |         |   | 66,253,047 |   |
|                                                                 |   |      |        |   |         |   |   |   |
| Interest-earning time deposits                                       |   |      | 1,723,388   |   |         |   | 1,718,651 |   |
| Securities available for sale                                        |   |      | 87,025,472  |   |         |   | 78,474,908 |   |
| Federal Home Loan Bank stock                                         |   |      | 6,306,273   |   |         |   | 6,306,273 |   |
| Loans, net of allowance for loan losses of $4,341,903 and $5,728,395 |   |      |        |   |         |   |   |   |
| at March 31, 2011 and December 31, 2010, respectively                |   |      | 390,176,486 |   |         |   | 387,567,638 |   |
| Loans held for sale                                                  |   |      | 1,111,650   |   |         |   | - |   |
| Property and equipment, net                                          |   |      | 10,436,594  |   |         |   | 10,562,321 |   |
| Goodwill                                                             |   |      | 11,385,323  |   |         |   | 11,385,323 |   |
| Core deposit intangible                                              |   |      | 1,042,650   |   |         |   | 1,120,000 |   |
| Foreclosed assets                                                    |   |      | 5,152,389   |   |         |   | 3,844,347 |   |
| Mortgage servicing rights                                            |   |      | 576,654     |   |         |   | 601,325 |   |
| Accrued interest receivable                                          |   |      | 2,051,184   |   |         |   | 1,866,511 |   |
| Prepaid Federal Deposit Insurance Corporation insurance premiums     |   |      | 2,133,094   |   |         |   | 2,301,408 |   |
| Other assets                                                         |   |      | 3,286,205   |   |         |   | 2,968,232 |   |
| Total assets                                                         |   | $         | 575,830,677 |   |         | $      | 574,969,984 |   |
|                                                                 |   |      |        |   |         |   |   |   |
| Liabilities and Stockholders' Equity                                 |   |      |        |   |         |   |   |   |
|                                                                 |   |      |        |   |         |   |   |   |
| Liabilities:                                                         |   |      |        |   |         |   |   |   |
| Deposits:                                                            |   |      |        |   |         |   |   |   |
| Non-interest-bearing                                                 |   | $         | 32,783,874  |   |         | $      | 34,172,434 |   |
| Interest-bearing                                                     |   |      | 420,319,961 |   |         |   | 413,310,775 |   |
| Total deposits                                                       |   |      | 453,103,835 |   |         |   | 447,483,209 |   |
|                                                                 |   |      |        |   |         |   |   |   |
| Federal Home Loan Bank advances                                      |   |      | 21,928,000  |   |         |   | 21,924,000 |   |
| Securities sold under agreements to repurchase                       |   |      | 16,377,112  |   |         |   | 21,457,075 |   |
| Subordinated debentures                                              |   |      | 4,000,000   |   |         |   | 3,974,272 |   |
| Accrued interest payable                                             |   |      | 496,909     |   |         |   | 561,687 |   |
| Other liabilities                                                    |   |      | 1,963,587   |   |         |   | 2,236,302 |   |
| Total liabilities                                                    |   |      | 497,869,443 |   |         |   | 497,636,545 |   |
|                                                                 |   |      |        |   |         |   |   |   |
| Stockholders' Equity                                                 |   |      |        |   |         |   |   |   |
| Preferred stock, $.10 par value, 10,000,000 shares authorized,       |   |      |        |   |         |   |   |   |
| no shares issued                                                     |   |      | -           |   |         |   | - |   |
| Common stock, $.10 par value, 20,000,000 shares authorized,          |   |      |        |   |         |   |   |   |
| 7,881,521 and 7,887,702 shares issued and outstanding at             |   |      |        |   |         |   |   |   |
| March 31, 2011 and December 31, 2010, respectively                   |   |      | 788,152     |   |         |   | 788,770 |   |
| Additional paid-in capital                                           |   |      | 62,077,543  |   |         |   | 62,116,845 |   |
| Retained earnings                                                    |   |      | 14,823,361  |   |         |   | 14,384,059 |   |
| Accumulated other comprehensive income                               |   |      | 832,206     |   |         |   | 614,774 |   |
| Unearned Employee Stock Ownership Plan shares                        |   |      | (560,028    | )      |         |   | (571,009 | ) |
| Total stockholders' equity                                           |   |      | 77,961,234  |   |         |   | 77,333,439 |   |
|                                                                 |   |      |        |   |         |   |   |   |
| Total liabilities and stockholders' equity                           |   | $         | 575,830,677 |   |         | $      | 574,969,984 |   |
|                                                                 |   |      |        |   |         |   |   |   |
| See Notes to Consolidated Financial Statements.                      |   |      |        |   |         |   |   |   |
|                                                                 |   |      |        |   |         |   |   |   |

----

Index

S

|                                                     |   | Three Months Ended |      |
|----------------------------------------------------------|--------|--------------------|-----------|
|                                                     |   | March 31,          |      |
|                                                     | 2011   |               |      | 2010 |   |
| Interest and dividend income:                            |   |               |      |   |   |   |
| Interest and fees on loans                               |   | $                  | 5,400,031 |   |   | $ | 5,739,713 |   |
| Securities:                                              |   |               |      |   |   |   |   |   |
| Taxable interest income                                  |   |               | 434,431   |   |   |   | 647,413 |   |
| Non-taxable interest income                              |   |               | 163,612   |   |   |   | 154,275 |   |
| Federal Home Loan Bank dividends                         |   |               | 1,590     |   |   |   | - |   |
| Interest-earning deposits, federal funds sold, and other |   |               | 24,808    |   |   |   | 19,038 |   |
| Total  interest and dividend income            |   |               | 6,024,472 |   |   |   | 6,560,439 |   |
|                                                     |   |               |      |   |   |   |   |   |
| Interest expense:                                        |   |               |      |   |   |   |   |   |
| Deposits                                                 |   |               | 1,614,632 |   |   |   | 2,040,167 |   |
| Federal Home Loan Bank advances                          |   |               | 125,730   |   |   |   | 342,429 |   |
| Securities sold under agreements to repurchase           |   |               | 5,615     |   |   |   | 6,452 |   |
| Subordinated debentures                                  |   |               | 48,189    |   |   |   | 73,701 |   |
| Total  interest expense                        |   |               | 1,794,166 |   |   |   | 2,462,749 |   |
|                                                     |   |               |      |   |   |   |   |   |
| Net interest income                                      |   |               | 4,230,306 |   |   |   | 4,097,690 |   |
|                                                     |   |               |      |   |   |   |   |   |
| Provision for loan losses                                |   |               | 300,000   |   |   |   | 423,000 |   |
|                                                     |   |               |      |   |   |   |   |   |
| Net interest income after provision for loan losses      |   |               | 3,930,306 |   |   |   | 3,674,690 |   |
|                                                     |   |               |      |   |   |   |   |   |
| Other income:                                            |   |               |      |   |   |   |   |   |
| Service fees on deposit accounts                         |   |               | 93,750    |   |   |   | 83,621 |   |
| Other service charges and fees                           |   |               | 82,591    |   |   |   | 84,540 |   |
| Loan servicing fees                                      |   |               | 47,007    |   |   |   | 49,063 |   |
| Gain on sale or call of securities                       |   |               | 796       |   |   |   | - |   |
| Gain on sale of loans                                    |   |               | 30,764    |   |   |   | 66,761 |   |
| Other                                                    |   |               | (4,770    | ) |   |   | 14,874 |   |
|                                                     |   |               | 250,138   |   |   |   | 298,859 |   |
|                                                     |   |               |      |   |   |   |   |   |
| Other expenses:                                          |   |               |      |   |   |   |   |   |
| Compensation and employee benefits                       |   |               | 1,208,747 |   |   |   | 1,164,885 |   |
| Occupancy expense                                        |   |               | 322,817   |   |   |   | 354,762 |   |
| Data processing services                                 |   |               | 161,359   |   |   |   | 165,125 |   |
| Director fees                                            |   |               | 35,100    |   |   |   | 50,650 |   |
| Professional fees                                        |   |               | 129,463   |   |   |   | 36,998 |   |
| Federal Deposit Insurance Corporation insurance premiums |   |               | 179,705   |   |   |   | 195,083 |   |
| Amortization of core deposit intangible                  |   |               | 77,350    |   |   |   | 99,000 |   |
| Amortization of mortgage servicing rights                |   |               | 38,260    |   |   |   | 26,133 |   |
| Other                                                    |   |               | 619,031   |   |   |   | 409,372 |   |
|                                                     |   |               | 2,771,832 |   |   |   | 2,502,008 |   |
|                                                     |   |               |      |   |   |   |   |   |
| Income before income taxes                               |   |               | 1,408,612 |   |   |   | 1,471,541 |   |
|                                                     |   |               |      |   |   |   |   |   |
| Income tax expense                                       |   |               | 502,731   |   |   |   | 511,029 |   |
|                                                     |   |               |      |   |   |   |   |   |
| Net income                                               |   | $                  | 905,881   |   |   | $ | 960,512 |   |
|                                                     |   |               |      |   |   |   |   |   |
| Basic and diluted earnings per share (see Note 6)        |   | $                  | 0.12      |   |   | $ | 0.12 |   |
| Dividends per share                                      |   | $                  | 0.06      |   |   | $ | 0.06 |   |
|                                                     |   |               |      |   |   |   |   |   |
| See Notes to Consolidated Financial Statements.          |   |               |      |   |   |   |   |   |
|                                                     |   |               |      |   |   |   |   |   |

----

Index

m

|                                                                                  |   | Three Months Ended |      |
|---------------------------------------------------------------------------------------|--------|--------------------|-----------|
|                                                                                  |   | March 31,          |      |
|                                                                                  |   | 2011               |      |   | 2010 |   |
|                                                                                  |   |               |      |   |   |   |
| Net income                                                                            |   | $                  | 905,881   |   |   | $ | 960,512 |   |
| Other comprehensive income:                                                           |   |               |      |   |   |   |   |   |
|    Unrealized gains (losses) on securities                             |   |               |      |   |   |   |   |   |
|         arising during the period, net of tax |   |               | 217,945   |   |   |   | (77,488 | ) |
|   Reclassification adjustment for realized                                       |   |               |      |   |   |   |   |   |
|   gains included in income, net of tax                                           |   |               | (513      | ) |   |   | - |   |
| Comprehensive income                                                                  |   | $                  | 1,123,313 |   |   | $ | 883,024 |   |
|                                                                                  |   |               |      |   |   |   |   |   |
|                                                                                  |   |               |      |   |   |   |   |   |
| See Notes to Consolidated Financial Statements.                                       |   |               |      |   |   |   |   |   |

----

Index

C

|                                                      |   | Three Months Ended |        |
|-----------------------------------------------------------|--------|--------------------|-------------|
|                                                      |   | March 31,          |        |
|                                                      | 2011   |               |        | 2010 |   |
| Cash Flows from Operating Activities                      |   |               |        |   |   |   |
| Net income                                                |   | $                  | 905,881     |   |   | $ | 960,512 |   |
| Adjustments to reconcile net income to net cash provided  |   |               |        |   |   |   |   |   |
| by (used in) operating activities:                        |   |               |        |   |   |   |   |   |
| Amortization (accretion) of:                              |   |               |        |   |   |   |   |   |
| Deferred loan origination costs, net                      |   |               | 3,275       |   |   |   | 7,616 |   |
| Premiums and discounts on securities                      |   |               | (119,355    | ) |   |   | (186,262 | ) |
| Core deposit intangible                                   |   |               | 77,350      |   |   |   | 99,000 |   |
| Mortgage servicing rights                                 |   |               | 38,260      |   |   |   | 26,133 |   |
| Amortization of fair value adjustments on:                |   |               |        |   |   |   |   |   |
| Loans                                                     |   |               | (13,600     | ) |   |   | (14,200 | ) |
| Time deposits                                             |   |               | (8,000      | ) |   |   | (15,000 | ) |
| Federal Home Loan Bank advances                           |   |               | 4,000       |   |   |   | (5,000 | ) |
| Subordinated debt                                         |   |               | 25,728      |   |   |   | 11,016 |   |
| Investment securities                                     |   |               | (17,133     | ) |   |   | (12,750 | ) |
| Property and equipment                                    |   |               | 4,018       |   |   |   | 4,018 |   |
| Provision for loan losses                                 |   |               | 300,000     |   |   |   | 423,000 |   |
| Depreciation                                              |   |               | 140,871     |   |   |   | 157,322 |   |
| ESOP expense                                              |   |               | 15,218      |   |   |   | 14,506 |   |
| Gain on sale or call of securities available for sale     |   |               | (796        | ) |   |   | - |   |
| Gain on sale of loans                                     |   |               | (30,764     | ) |   |   | (66,761 | ) |
| Loss on sale of property and equipment                    |   |               | -           |   |   |   | 2,196 |   |
| Loss (gain) on sale of foreclosed assets                  |   |               | 20,778      |   |   |   | (14,400 | ) |
| Proceeds from sales of loans held for sale                |   |               | 1,665,012   |   |   |   | 3,103,317 |   |
| Originations of loans held for sale                       |   |               | (2,745,898  | ) |   |   | (2,281,656 | ) |
| Change in assets and liabilities:                         |   |               |        |   |   |   |   |   |
| Decrease in prepaid Federal Deposit Insurance Corporation |   |               |        |   |   |   |   |   |
| insurance premiums                                        |   |               | 168,314     |   |   |   | 170,443 |   |
| Decrease (increase) in accrued interest receivable        |   |               | (184,673    | ) |   |   | 126,370 |   |
| Increase in mortgage servicing rights                     |   |               | (13,589     | ) |   |   | (29,151 | ) |
| Increase in other assets                                  |   |               | (317,973    | ) |   |   | (82,148 | ) |
| Decrease in accrued interest payable                      |   |               | (64,778     | ) |   |   | (307,060 | ) |
| Increase (decrease) in other liabilities                  |   |               | (400,412    | ) |   |   | 577,950 |   |
| Net cash flows provided by (used in) operating activities |   |               | (548,266    | ) |   |   | 2,669,011 |   |
|                                                      |   |               |        |   |   |   |   |   |
| Cash Flows from Investing Activities                      |   |               |        |   |   |   |   |   |
| Purchase of interest-earning time deposits                |   |               | (4,737      | ) |   |   | - |   |
| Available for sale securities:                            |   |               |        |   |   |   |   |   |
| Purchases                                                 |   |               | (41,578,680 | ) |   |   | (109,605,000 | ) |
| Proceeds from calls, maturities, and paydowns             |   |               | 33,510,529  |   |   |   | 99,883,743 |   |
| Decrease (increase) in loans                              |   |               | (5,123,843  | ) |   |   | 2,787,089 |   |
| Purchase of property and equipment                        |   |               | (19,162     | ) |   |   | (16,697 | ) |
| Proceeds from the sale of foreclosed assets               |   |               | 896,500     |   |   |   | 275,798 |   |
| Net cash flows used in investing activities               |   |               | (12,319,393 | ) |   |   | (6,675,067 | ) |
|                                                      |   |               |        |   |   |   |   |   |
|  (Continued)                                         |   |               |        |   |   |   |   |   |
|                                                      |   |               |        |   |   |   |   |   |

----

Index

|                                                           |   | Three Months Ended |        |
|----------------------------------------------------------------|--------|--------------------|-------------|
|                                                           |   | March 31,          |        |
|                                                           | 2011   |               |        | 2010 |   |
| Cash Flows from Financing Activities                           |   |               |        |   |   |   |
| Net increase in deposit accounts                               |   | $                  | 5,628,626   |   |   | $ | 723,620 |   |
| Net increase (decrease) in securities sold under agreements to |   |               |        |   |   |   |   |   |
| repurchase                                                     |   |               | (5,079,963  | ) |   |   | 5,854,131 |   |
| Repayments of Federal Home Loan Bank advances                  |   |               | -           |   |   |   | (1,500,000 | ) |
| Repurchase of common stock                                     |   |               | (44,157     | ) |   |   | (60,567 | ) |
| Cash dividends paid                                            |   |               | (466,579    | ) |   |   | (469,962 | ) |
| Net cash flows provided by financing activities                |   |               | 37,927      |   |   |   | 4,547,222 |   |
|                                                           |   |               |        |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents           |   |               | (12,829,732 | ) |   |   | 541,166 |   |
|                                                           |   |               |        |   |   |   |   |   |
| Cash and cash equivalents:                                     |   |               |        |   |   |   |   |   |
| Beginning                                                      |   |               | 66,253,047  |   |   |   | 47,996,754 |   |
|                                                           |   |               |        |   |   |   |   |   |
| Ending                                                         |   | $                  | 53,423,315  |   |   | $ | 48,537,920 |   |
|                                                           |   |               |        |   |   |   |   |   |
| Supplemental Schedule of Noncash Investing Activities          |   |               |        |   |   |   |   |   |
| Assets acquired in settlement of loans                         |   | $                  | 2,225,320   |   |   | $ | 1,221,677 |   |
|                                                           |   |               |        |   |   |   |   |   |
| Supplemental Disclosures of Cash Flow Information              |   |               |        |   |   |   |   |   |
| Cash paid during the period for:                               |   |               |        |   |   |   |   |   |
| Interest                                                       |   | $                  | 1,837,216   |   |   | $ | 2,778,793 |   |
| Income taxes, net of refunds                                   |   |               | 880,000     |   |   |   | - |   |
|                                                           |   |               |        |   |   |   |   |   |
|                                                           |   |               |        |   |   |   |   |   |
| See Notes to Consolidated Financial Statements.                |   |               |        |   |   |   |   |   |
|                                                           |   |               |        |   |   |   |   |   |

----

Index

N

----

Index

|                                           |   | March 31, 2011    |       |
|------------------------------------------------|--------|-------------------|------------|
|                                           |   |              |       |   | Gross |   |   | Gross |   |   |   |   |
|                                           |   | Amortized         |       |   | Unrealized |   |   | Unrealized |   |   | Fair |   |
|                                           |   | Cost              |       |   | Gains |   |   | (Losses) |   |   | Value |   |
| Investment Securities:                         |   |              |       |   |   |   |   |   |   |   |   |   |
| U.S. government agency obligations             |   | $                 | 44,269,927 |   |   | $ | 752,536 |   |   | $ | (38,883 | ) |   | $ | 44,983,580 |   |
| Corporate bonds                                |   |              | 2,096,600  |   |   |   | 38,017 |   |   |   | (22,820 | ) |   |   | 2,111,797 |   |
| State and municipal securities                 |   |              | 19,255,161 |   |   |   | 488,415 |   |   |   | (149,755 | ) |   |   | 19,593,821 |   |
| Other securities                               |   |              | 3,501      |   |   |   | - |   |   |   | - |   |   |   | 3,501 |   |
| Mortgage-backed securities                     |   |              | 20,079,210 |   |   |   | 367,476 |   |   |   | (113,913 | ) |   |   | 20,332,773 |   |
|                                           |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Investment Securities available for sale |   | $                 | 85,704,399 |   |   | $ | 1,646,444 |   |   | $ | (325,371 | ) |   | $ | 87,025,472 |   |
|                                           |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   | December 31, 2010 |       |
|                                           |   |              |       |   |   | Gross |   |   | Gross |   |   |   |   |   |
|                                           |   | Amortized         |       |   | Unrealized |   |   | Unrealized |   |   | Fair |   |
|                                           |   | Cost              |       |   | Gains |   |   | (Losses) |   |   | Value |   |
| Investment Securities:                         |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. government agency obligations             |   | $                 | 41,856,949 |   |   | $ | 846,029 |   |   | $ | (12,585 | ) |   | $ | 42,690,393 |   |
| Corporate bonds                                |   |              | 2,096,569  |   |   |   | 43,509 |   |   |   | (82,439 | ) |   |   | 2,057,639 |   |
| State and municipal securities                 |   |              | 17,803,252 |   |   |   | 358,089 |   |   |   | (387,070 | ) |   |   | 17,774,271 |   |
| Other securities                               |   |              | 3,501      |   |   |   | - |   |   |   | - |   |   |   | 3,501 |   |
| Mortgage-backed securities                     |   |              | 15,738,693 |   |   |   | 362,007 |   |   |   | (151,596 | ) |   |   | 15,949,104 |   |
|                                           |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Investment Securities available for sale |   | $                 | 77,498,964 |   |   | $ | 1,609,634 |   |   | $ | (633,690 | ) |   | $ | 78,474,908 |   |

----

Index

|                           |   | March 31, 2011      |       |
|--------------------------------|--------|---------------------|------------|
|                           |   | Less than 12 Months |       |   | 12 Months or More |   |   | Total |   |
|                           |   | Fair                |       |   | Unrealized |   |   | Fair |   |   | Unrealized |   |   | Fair |   |   | Unrealized |   |
|                           |   | Value               |       |   | Losses |   |   | Value |   |   | Losses |   |   | Value |   |   | Losses |   |
| Securities available for sale: |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. government agency         |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| obligations                    |   | $                   | 5,010,990  |   |   | $ | 38,883 |   |   | $ | - |   |   | $ | - |   |   | $ | 5,010,990 |   |   | $ | 38,883 |   |
| Corporate bonds                |   |                | -          |   |   |   | - |   |   |   | 677,180 |   |   |   | 22,820 |   |   | $ | 677,180 |   |   | $ | 22,820 |   |
| State and municipal securities |   |                | 5,059,019  |   |   |   | 149,755 |   |   |   | - |   |   |   | - |   |   | $ | 5,059,019 |   |   | $ | 149,755 |   |
| Mortgage-backed securities     |   |                | 8,130,901  |   |   |   | 113,913 |   |   |   | - |   |   |   | - |   |   | $ | 8,130,901 |   |   | $ | 113,913 |   |
|                           |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                           |   | $                   | 18,200,910 |   |   | $ | 302,551 |   |   | $ | 677,180 |   |   | $ | 22,820 |   |   | $ | 18,878,090 |   |   | $ | 325,371 |   |
|                           |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                           |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                           |   | December 31, 2010   |       |
|                           |   | Less than 12 Months |       |   | 12 Months or More |   |   | Total |   |
|                           |   | Fair                |       |   | Unrealized |   |   | Fair |   |   | Unrealized |   |   | Fair |   |   | Unrealized |   |
|                           |   | Value               |       |   | Losses |   |   | Value |   |   | Losses |   |   | Value |   |   | Losses |   |
| Securities available for sale: |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. government agency         |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| obligations                    |   | $                   | 2,486,130  |   |   | $ | 12,585 |   |   | $ | - |   |   | $ | - |   |   | $ | 2,486,130 |   |   | $ | 12,585 |   |
| Corporate bonds                |   |                | -          |   |   |   | - |   |   |   | 617,561 |   |   |   | 82,439 |   |   |   | 617,561 |   |   |   | 82,439 |   |
| State and municipal securities |   |                | 8,028,070  |   |   |   | 387,070 |   |   |   | - |   |   |   | - |   |   |   | 8,028,070 |   |   |   | 387,070 |   |
| Mortgage-backed securities     |   |                | 8,437,418  |   |   |   | 151,596 |   |   |   | - |   |   |   | - |   |   |   | 8,437,418 |   |   |   | 151,596 |   |
|                           |   |                |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                           |   | $                   | 18,951,618 |   |   | $ | 551,251 |   |   | $ | 617,561 |   |   | $ | 82,439 |   |   | $ | 19,569,179 |   |   | $ | 633,690 |   |

----

Index

|                                   |   | Available for Sale |       |
|----------------------------------------|--------|--------------------|------------|
|                                   |   | Amortized          |       |   | Fair |   |
|                                   |   | Cost               |       |   | Value |   |
| Due in one year or less                |   | $                  | 19,276,406 |   |   | $ | 19,419,257 |   |
| Due after one year through five years  |   |               | 29,590,353 |   |   |   | 30,472,842 |   |
| Due after five years through ten years |   |               | 7,575,410  |   |   |   | 7,656,742 |   |
| Due after ten years                    |   |               | 9,179,519  |   |   |   | 9,140,357 |   |
| Mortgage-backed securities             |   |               | 20,079,210 |   |   |   | 20,332,773 |   |
| Other securities                       |   |               | 3,501      |   |   |   | 3,501 |   |
|                                   |   |               |       |   |   |   |   |   |
|                                   |   | $                  | 85,704,399 |   |   | $ | 87,025,472 |   |
|                                   |   |               |       |   |   |   |   |   |

|                                             |   | At March 31, |        |   | At December 31, |   |
|--------------------------------------------------|--------|--------------|-------------|--------|-----------------|--------|
|                                             |   | 2011         |        |   | 2010            |   |
|                                             |   | Amount       |        |   | Percent         |   |   | Amount |   |   | Percent |   |
| Real estate loans:                               |   |         |        |   |            |   |   |   |   |   |   |   |
| One-to-four-family                               |   | $            | 100,157,148 |   |            |   | 24.9 | % |   | $ | 99,186,894 |   |   |   | 24.6 | % |
| Multi-family                                     |   |         | 31,030,082  |   |            |   | 7.7 |   |   |   | 26,543,285 |   |   |   | 6.6 |   |
| Commercial                                       |   |         | 156,692,867 |   |            |   | 39.0 |   |   |   | 160,798,616 |   |   |   | 39.9 |   |
| Construction and land                            |   |         | 54,808,389  |   |            |   | 13.6 |   |   |   | 53,646,900 |   |   |   | 13.3 |   |
|                                             |   |         | 342,688,486 |   |            |   | 85.2 |   |   |   | 340,175,695 |   |   |   | 84.4 |   |
|                                             |   |         |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business                              |   |         | 49,404,946  |   |            |   | 12.3 |   |   |   | 51,737,884 |   |   |   | 12.8 |   |
|                                             |   |         |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Consumer:                                        |   |         |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Home equity                                      |   |         | 8,424,604   |   |            |   | 2.1 |   |   |   | 9,170,067 |   |   |   | 2.3 |   |
| Other                                            |   |         | 1,546,514   |   |            |   | 0.4 |   |   |   | 1,745,125 |   |   |   | 0.5 |   |
|                                             |   |         | 9,971,118   |   |            |   | 2.5 |   |   |   | 10,915,192 |   |   |   | 2.8 |   |
|                                             |   |         |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Total gross loans                                |   |         | 402,064,550 |   |            |   | 100.0 | % |   |   | 402,828,771 |   |   |   | 100.0 | % |
| Less undisbursed portion of construction loans   |   |         | (7,606,143  | )      |            |   |   |   |   |   | (9,589,505 | ) |   |   |   |   |
| Less deferred loan origination costs (fees), net |   |         | 59,982      |   |            |   |   |   |   |   | 56,767 |   |   |   |   |   |
| Less allowance for loan losses                   |   |         | (4,341,903  | )      |            |   |   |   |   |   | (5,728,395 | ) |   |   |   |   |
|                                             |   |         |        |   |            |   |   |   |   |   |   |   |   |   |   |   |
|  Loans, net                                 |   | $            | 390,176,486 |   |            |   |   |   |   | $ | 387,567,638 |   |   |   |   |   |
|                                             |   |         |        |   |            |   |   |   |   |   |   |   |   |   |   |   |

----

Index

----

Index

| March 31, 2011        |   |
|-----------------------|--------|
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  |   | Loans30-59 Days Past Due |   |   | Loans60-89 Days Past Due |   |   | Loans90 or More Days Past Due |   |   | TotalPast Due Loans |   |   | CurrentLoans |   |   | Total |   |   | Accruing Loans 90 or More Days Past Due |   |
| Real estate loans:    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to-four family    |   | $ | 1,321,235 |   |   | $ | 34,281 |   |   | $ | 606,949 |   |   | $ | 1,962,465 |   |   | $ | 98,194,683 |   |   | $ | 100,157,148 |   |   | $ | 8,716 |   |
| Multi-family          |   |   | 224,116 |   |   |   | - |   |   |   | 316,085 |   |   |   | 540,201 |   |   |   | 30,489,881 |   |   |   | 31,030,082 |   |   |   | - |   |
| Commercial            |   |   | 721,911 |   |   |   | 71,944 |   |   |   | 391,497 |   |   |   | 1,185,352 |   |   |   | 155,507,515 |   |   |   | 156,692,867 |   |   |   | 243,737 |   |
| Construction and land |   |   | 4,270,385 |   |   |   | 55,121 |   |   |   | 3,535,775 |   |   |   | 7,861,281 |   |   |   | 46,947,108 |   |   |   | 54,808,389 |   |   |   | - |   |
|                  |   |   | 6,537,647 |   |   |   | 161,346 |   |   |   | 4,850,306 |   |   |   | 11,549,299 |   |   |   | 331,139,187 |   |   |   | 342,688,486 |   |   |   | 252,453 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business   |   |   | 273,806 |   |   |   | 36,110 |   |   |   | 514,021 |   |   |   | 823,937 |   |   |   | 48,581,009 |   |   |   | 49,404,946 |   |   |   | 482,745 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity           |   |   | - |   |   |   | - |   |   |   | 54,915 |   |   |   | 54,915 |   |   |   | 8,369,689 |   |   |   | 8,424,604 |   |   |   | 54,915 |   |
| Other                 |   |   | - |   |   |   | - |   |   |   | 12,127 |   |   |   | 12,127 |   |   |   | 1,534,387 |   |   |   | 1,546,514 |   |   |   | 286 |   |
|                  |   |   | - |   |   |   | - |   |   |   | 67,042 |   |   |   | 67,042 |   |   |   | 9,904,076 |   |   |   | 9,971,118 |   |   |   | 55,201 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                 |   | $ | 6,811,453 |   |   | $ | 197,456 |   |   | $ | 5,431,369 |   |   | $ | 12,440,278 |   |   | $ | 389,624,272 |   |   | $ | 402,064,550 |   |   | $ | 790,399 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| December 31, 2010     |   |
|-----------------------|--------|
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  |   | Loans30-59 Days Past Due |   |   | Loans60-89 Days Past Due |   |   | Loans90 or More Days Past Due |   |   | TotalPast Due Loans |   |   | CurrentLoans |   |   | Total |   |   | Accruing Loans 90 or More Days Past Due |   |
| Real estate loans:    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to-four family    |   | $ | 2,090,585 |   |   | $ | 295,620 |   |   | $ | 818,215 |   |   | $ | 3,204,420 |   |   | $ | 95,982,474 |   |   | $ | 99,186,894 |   |   | $ | 80,886 |   |
| Multi-family          |   |   | 1,010,870 |   |   |   | - |   |   |   | 2,434,837 |   |   |   | 3,445,707 |   |   |   | 23,097,578 |   |   |   | 26,543,285 |   |   |   | - |   |
| Commercial            |   |   | - |   |   |   | 162,159 |   |   |   | 1,240,250 |   |   |   | 1,402,409 |   |   |   | 159,396,207 |   |   |   | 160,798,616 |   |   |   | - |   |
| Construction and land |   |   | - |   |   |   | - |   |   |   | 4,927,268 |   |   |   | 4,927,268 |   |   |   | 48,719,632 |   |   |   | 53,646,900 |   |   |   | - |   |
|                  |   |   | 3,101,455 |   |   |   | 457,779 |   |   |   | 9,420,570 |   |   |   | 12,979,804 |   |   |   | 327,195,891 |   |   |   | 340,175,695 |   |   |   | 80,886 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business   |   |   | 30,639 |   |   |   | - |   |   |   | 43,118 |   |   |   | 73,757 |   |   |   | 51,664,127 |   |   |   | 51,737,884 |   |   |   | 11,842 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer:             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity           |   |   | 119,671 |   |   |   | 96,029 |   |   |   | 367,304 |   |   |   | 583,004 |   |   |   | 8,587,063 |   |   |   | 9,170,067 |   |   |   | - |   |
| Other                 |   |   | - |   |   |   | 297 |   |   |   | - |   |   |   | 297 |   |   |   | 1,744,828 |   |   |   | 1,745,125 |   |   |   | - |   |
|                  |   |   | 119,671 |   |   |   | 96,326 |   |   |   | 367,304 |   |   |   | 583,301 |   |   |   | 10,331,891 |   |   |   | 10,915,192 |   |   |   | - |   |
|                  |   | $ | 3,251,765 |   |   | $ | 554,105 |   |   | $ | 9,830,992 |   |   | $ | 13,636,862 |   |   | $ | 389,191,909 |   |   | $ | 402,828,771 |   |   | $ | 92,728 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

|                    |   | March 31, |      |   | December 31, |   |
|-------------------------|--------|-----------|-----------|--------|--------------|--------|
|                    |   | 2011      |      |   | 2010         |   |
| Real estate loans:      |   |      |      |   |         |   |
| One-to-four family      |   | $         | 1,750,110 |   |         | $      | 1,855,789 |   |
| Multi-family            |   |      | 1,226,772 |   |         |   | 2,434,837 |   |
| Commercial              |   |      | 266,781   |   |         |   | 1,289,711 |   |
| Construction and land   |   |      | 4,776,407 |   |         |   | 6,177,386 |   |
|                    |   |      | 8,020,070 |   |         |   | 11,757,723 |   |
|                    |   |      |      |   |         |   |   |   |
| Commercial business     |   |      | 106,551   |   |         |   | 109,114 |   |
|                    |   |      |      |   |         |   |   |   |
| Consumer                |   |      |      |   |         |   |   |   |
| Home equity             |   |      | 48,818    |   |         |   | 382,343 |   |
| Other                   |   |      | 11,841    |   |         |   | - |   |
|                    |   |      | 60,659    |   |         |   | 382,343 |   |
|                    |   |      |      |   |         |   |   |   |
| Total non-accrual loans |   | $         | 8,187,280 |   |         | $      | 12,249,180 |   |
|                    |   |      |      |   |         |   |   |   |

----

Index

|               |   | Three Months Ended |       |
|--------------------|--------|--------------------|------------|
|               |   | March 31,          |       |
|               |   | 2011               |       |   | 2010 |   |
| Balance, beginning |   | $                  | 5,728,395  |   |   | $ | 6,316,829 |   |
| Charge-offs        |   |               | (1,773,681 | ) |   |   | (435,894 | ) |
| Recoveries         |   |               | 87,189     |   |   |   | 69,388 |   |
| Provisions         |   |               | 300,000    |   |   |   | 423,000 |   |
|               |   |               |       |   |   |   |   |   |
| Balance, ending    |   | $                  | 4,341,903  |   |   | $ | 6,373,323 |   |
|               |   |               |       |   |   |   |   |   |

|                                        |   | Real Estate Loans |        |   | Commercial Business |   |       | Consumer |   |   | Total     |   |
|---------------------------------------------|--------|-------------------|-------------|--------|--------------------------|--------|------------|----------|--------|--------|-----------|--------|
| Allowance for Loan Losses:                  |   |              |        |   |                     |   |       |     |   |   |      |   |
| Beginning balance                           |   | $                 | 4,743,259   |   |                     | $      | 867,685    |     |   | $      | 117,451   |   |   | $ | 5,728,395 |   |
| Charge-offs                                 |   |              | (1,773,681  | )      |                     |   | -          |     |   |   | -         |   |   |   | (1,773,681 | ) |
| Recoveries                                  |   |              | 76,642      |   |                     |   | 10,547     |     |   |   | -         |   |   |   | 87,189 |   |
| Provisions                                  |   |              | 570,157     |   |                     |   | (236,455   | )        |   |   | (33,702   | )      |   |   | 300,000 |   |
| Ending balance                              |   | $                 | 3,616,377   |   |                     | $      | 641,777    |     |   | $      | 83,749    |   |   | $ | 4,341,903 |   |
|                                        |   |              |        |   |                     |   |       |     |   |   |      |   |   |   |   |   |
| Period-end amount allocated to:             |   |              |        |   |                     |   |       |     |   |   |      |   |   |   |   |   |
| Loans individually evaluated for impairment |   | $                 | 546,195     |   |                     | $      | 66,756     |     |   | $      | 11,841    |   |   | $ | 624,792 |   |
| Loans collectively evaluated for impairment |   |              | 3,070,182   |   |                     |   | 575,021    |     |   |   | 71,908    |   |   |   | 3,717,111 |   |
| Ending balance                              |   | $                 | 3,616,377   |   |                     | $      | 641,777    |     |   | $      | 83,749    |   |   | $ | 4,341,903 |   |
|                                        |   |              |        |   |                     |   |       |     |   |   |      |   |   |   |   |   |
|                                        |   |              |        |   |                     |   |       |     |   |   |      |   |   |   |   |   |
| Loans:                                      |   |              |        |   |                     |   |       |     |   |   |      |   |   |   |   |   |
| Loans individually evaluated for impairment |   | $                 | 15,069,477  |   |                     | $      | 709,851    |     |   | $      | 530,063   |   |   | $ | 16,309,391 |   |
| Loans collectively evaluated for impairment |   |              | 327,619,009 |   |                     |   | 48,695,095 |     |   |   | 9,441,055 |   |   |   | 385,755,159 |   |
| Ending balance                              |   | $                 | 342,688,486 |   |                     | $      | 49,404,946 |     |   | $      | 9,971,118 |   |   | $ | 402,064,550 |   |
|                                        |   |              |        |   |                     |   |       |     |   |   |      |   |   |   |   |   |

----

Index

----

Index

| March 31, 2011        |   |
|-----------------------|--------|
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  |   | Pass |   |   | Special Mention |   |   | Substandard |   |   | Doubtful |   |   | Total |   |
| Real estate loans:    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to-four family    |   | $ | 96,535,905 |   |   | $ | 664,037 |   |   | $ | 2,404,619 |   |   | $ | 552,587 |   |   | $ | 100,157,148 |   |
| Multi-family          |   |   | 25,573,955 |   |   |   | - |   |   |   | 5,392,906 |   |   |   | 63,221 |   |   |   | 31,030,082 |   |
| Commercial            |   |   | 143,357,198 |   |   |   | 10,246,619 |   |   |   | 3,040,567 |   |   |   | 48,483 |   |   |   | 156,692,867 |   |
| Construction and land |   |   | 48,045,521 |   |   |   | 1,931,340 |   |   |   | 4,831,528 |   |   |   | - |   |   |   | 54,808,389 |   |
|                  |   |   | 313,512,579 |   |   |   | 12,841,996 |   |   |   | 15,669,620 |   |   |   | 664,291 |   |   |   | 342,688,486 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business   |   |   | 45,916,327 |   |   |   | 2,778,768 |   |   |   | 709,851 |   |   |   | - |   |   |   | 49,404,946 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity           |   |   | 7,817,738 |   |   |   | 39,826 |   |   |   | 567,040 |   |   |   | - |   |   |   | 8,424,604 |   |
| Other                 |   |   | 1,534,673 |   |   |   | - |   |   |   | 11,841 |   |   |   | - |   |   |   | 1,546,514 |   |
|                  |   |   | 9,352,411 |   |   |   | 39,826 |   |   |   | 578,881 |   |   |   | - |   |   |   | 9,971,118 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                 |   | $ | 368,781,317 |   |   | $ | 15,660,590 |   |   | $ | 16,958,352 |   |   | $ | 664,291 |   |   | $ | 402,064,550 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| December 31, 2010     |   |
|-----------------------|--------|
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  |   | Pass |   |   | Special Mention |   |   | Substandard |   |   | Doubtful |   |   | Total |   |
| Real estate loans:    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to-four family    |   | $ | 95,736,843 |   |   | $ | 771,951 |   |   | $ | 1,706,072 |   |   | $ | 972,028 |   |   | $ | 99,186,894 |   |
| Multi-family          |   |   | 23,455,816 |   |   |   | - |   |   |   | 1,589,248 |   |   |   | 1,498,221 |   |   |   | 26,543,285 |   |
| Commercial            |   |   | 142,382,980 |   |   |   | 11,718,507 |   |   |   | 5,407,417 |   |   |   | 1,289,712 |   |   |   | 160,798,616 |   |
| Construction and land |   |   | 46,809,444 |   |   |   | 605,162 |   |   |   | 5,830,405 |   |   |   | 401,889 |   |   |   | 53,646,900 |   |
|                  |   |   | 308,385,083 |   |   |   | 13,095,620 |   |   |   | 14,533,142 |   |   |   | 4,161,850 |   |   |   | 340,175,695 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business   |   |   | 45,743,054 |   |   |   | 5,281,761 |   |   |   | 713,069 |   |   |   | - |   |   |   | 51,737,884 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer:             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity           |   |   | 8,212,078 |   |   |   | 40,563 |   |   |   | 707,283 |   |   |   | 210,143 |   |   |   | 9,170,067 |   |
| Other                 |   |   | 1,745,125 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,745,125 |   |
|                  |   |   | 9,957,203 |   |   |   | 40,563 |   |   |   | 707,283 |   |   |   | 210,143 |   |   |   | 10,915,192 |   |
| Total                 |   | $ | 364,085,340 |   |   | $ | 18,417,944 |   |   | $ | 15,953,494 |   |   | $ | 4,371,993 |   |   | $ | 402,828,771 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

| March 31, 2011        |   |
|-----------------------|--------|
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  |   | Unpaid Contractual Principal Balance |   |   | Recorded Investment with No Related Allowance |   |   | Recorded Investment with Allowance |   |   | Total Recorded Investment |   |   | Related Allowance |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Real Estate Loans:    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to-four family    |   | $ | 1,692,768 |   |   | $ | 1,201,172 |   |   | $ | 491,596 |   |   | $ | 1,692,768 |   |   | $ | 88,225 |   |
| Multi-family          |   |   | 5,794,944 |   |   |   | 540,201 |   |   |   | 4,915,926 |   |   |   | 5,456,127 |   |   |   | 101,485 |   |
| Commercial            |   |   | 3,089,054 |   |   |   | 2,892,808 |   |   |   | 196,246 |   |   |   | 3,089,054 |   |   |   | 112,073 |   |
| Construction and land |   |   | 6,140,633 |   |   |   | 4,229,942 |   |   |   | 601,586 |   |   |   | 4,831,528 |   |   |   | 244,412 |   |
|                  |   |   | 16,717,399 |   |   |   | 8,864,123 |   |   |   | 6,205,354 |   |   |   | 15,069,477 |   |   |   | 546,195 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business   |   |   | 806,222 |   |   |   | 112,967 |   |   |   | 596,884 |   |   |   | 709,851 |   |   |   | 66,756 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity           |   |   | 518,222 |   |   |   | 518,222 |   |   |   | - |   |   |   | 518,222 |   |   |   | - |   |
| Other                 |   |   | 11,841 |   |   |   | - |   |   |   | 11,841 |   |   |   | 11,841 |   |   |   | 11,841 |   |
|                  |   |   | 530,063 |   |   |   | 518,222 |   |   |   | 11,841 |   |   |   | 530,063 |   |   |   | 11,841 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                 |   | $ | 18,053,684 |   |   | $ | 9,495,312 |   |   | $ | 6,814,079 |   |   | $ | 16,309,391 |   |   | $ | 624,792 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| December 31, 2010     |   |
|-----------------------|--------|
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  |   | Unpaid Contractual Principal Balance |   |   | Recorded Investment with No Related Allowance |   |   | Recorded Investment with Allowance |   |   | Total Recorded Investment |   |   | Related Allowance |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Real Estate Loans:    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to-four family    |   | $ | 2,134,451 |   |   | $ | 1,828,061 |   |   | $ | 34,420 |   |   | $ | 1,862,481 |   |   | $ | 10,000 |   |
| Multi-family          |   |   | 3,331,813 |   |   |   | 1,589,249 |   |   |   | 1,498,221 |   |   |   | 3,087,470 |   |   |   | 371,940 |   |
| Commercial            |   |   | 7,114,333 |   |   |   | 5,526,878 |   |   |   | 1,170,250 |   |   |   | 6,697,128 |   |   |   | 290,250 |   |
| Construction and land |   |   | 6,961,294 |   |   |   | 1,059,996 |   |   |   | 5,172,298 |   |   |   | 6,232,294 |   |   |   | 1,442,769 |   |
|                  |   |   | 19,541,891 |   |   |   | 10,004,184 |   |   |   | 7,875,189 |   |   |   | 17,879,373 |   |   |   | 2,114,959 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business   |   |   | 809,440 |   |   |   | 598,715 |   |   |   | 114,354 |   |   |   | 713,069 |   |   |   | 12,766 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer:             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity           |   |   | 479,954 |   |   |   | 479,954 |   |   |   | - |   |   |   | 479,954 |   |   |   | - |   |
| Other                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                  |   |   | 479,954 |   |   |   | 479,954 |   |   |   | - |   |   |   | 479,954 |   |   |   | - |   |
| Total                 |   | $ | 20,831,285 |   |   | $ | 11,082,853 |   |   | $ | 7,989,543 |   |   | $ | 19,072,396 |   |   | $ | 2,127,725 |   |
|                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

| Three Months Ended March 31, 2011 |   |
|-----------------------------------|--------|
|                              |   |   |   |   |   |   |   |   |   |
|                              |   | Average Recorded Investment |   |   | Interest Income Recognized |   |   | Cash Basis Income Recognized from Impaired Loans |   |
|                              |   |   |   |   |   |   |   |   |   |
| Real Estate Loans:                |   |   |   |   |   |   |   |   |   |
| One-to-four family                |   | $ | 1,777,625 |   |   | $ | 3,260 |   |   | $ | - |   |
| Multi-family                      |   |   | 4,271,798 |   |   |   | 3,458 |   |   |   | - |   |
| Commercial                        |   |   | 4,893,091 |   |   |   | 42,040 |   |   |   | 6,839 |   |
| Construction and land             |   |   | 5,531,911 |   |   |   | 3,876 |   |   |   | - |   |
|                              |   |   | 16,474,425 |   |   |   | 52,634 |   |   |   | 6,839 |   |
|                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business               |   |   | 711,460 |   |   |   | 8,861 |   |   |   | - |   |
|                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Home equity                       |   |   | 499,088 |   |   |   | - |   |   |   | - |   |
| Other                             |   |   | 5,921 |   |   |   | - |   |   |   | - |   |
|                              |   |   | 505,009 |   |   |   | - |   |   |   | - |   |
|                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                             |   | $ | 17,690,894 |   |   | $ | 61,495 |   |   | $ | 6,839 |   |
|                              |   |   |   |   |   |   |   |   |   |   |   |   |

|                          |   | March 31, |       |   | December 31, |   |
|-------------------------------|--------|-----------|------------|--------|--------------|--------|
|                          |   | 2011      |       |   | 2010         |   |
| Core deposit intangible       |   | $         | 3,258,000  |   |         | $      | 3,258,000 |   |
| Less accumulated amortization |   |      | (2,215,350 | )      |         |   | (2,138,000 | ) |
|                          |   |      |       |   |         |   |   |   |
|                          |   | $         | 1,042,650  |   |         | $      | 1,120,000 |   |

----

Index

| Period                               | Amount |   |
|--------------------------------------|--------|--------|
| Nine months ending December 31, 2011 |   | $      | 226,650 |   |
| Year ending December 31, 2012        |   |   | 281,000 |   |
| Year ending December 31, 2013        |   |   | 264,000 |   |
| Year ending December 31, 2014        |   |   | 75,000 |   |
| Year ending December 31, 2015        |   |   | 58,000 |   |
| Year ending December 31, 2016        |   |   | 58,000 |   |

----

Index

|                                                  |   | Three Months Ended |      |
|-------------------------------------------------------|--------|--------------------|-----------|
|                                                  |   | March 31,          |      |
|                                                  |   | 2011               |      |   | 2010 |   |
|                                                  |   |               |      |   |   |   |
| Net earnings available to common stockholders         |   | $                  | 905,881   |   |   | $ | 960,512 |   |
| Basic potential common shares:                        |   |               |      |   |   |   |   |   |
| Weighted average shares outstanding                   |   |               | 7,886,123 |   |   |   | 7,953,937 |   |
| Weighted average unallocated Employee Stock Ownership |   |               |      |   |   |   |   |   |
| Plan shares                                           |   |               | (110,523  | ) |   |   | (119,027 | ) |
| Basic weighted average shares outstanding             |   |               | 7,775,600 |   |   |   | 7,834,910 |   |
|                                                  |   |               |      |   |   |   |   |   |
| Dilutive potential common shares                      |   |               | -         |   |   |   | - |   |
|                                                  |   |               |      |   |   |   |   |   |
| Diluted weighted average shares outstanding           |   |               | 7,775,600 |   |   |   | 7,834,910 |   |
|                                                  |   |               |      |   |   |   |   |   |
| Basic and diluted earnings per share                  |   | $                  | 0.12      |   |   | $ | 0.12 |   |

|                                                      |   | March 31, |    |   | December 31, |   |
|-----------------------------------------------------------|--------|-----------|---------|--------|--------------|--------|
|                                                      |   | 2011      |    |   | 2010         |   |
| Unallocated shares (fair value at March 31, 2011 and      |   |      |    |   |         |   |
| December 31, 2010 of $765,452 and $749,509, respectively) |   |      | 108,421 |   |         |   | 110,547 |   |
| Allocated shares                                          |   |      | 62,338  |   |         |   | 60,212 |   |
|                                                      |   |      |    |   |         |   |   |   |
|                                                      |   |      | 170,759 |   |         |   | 170,759 |   |
|                                                      |   |      |    |   |         |   |   |   |

----

Index

----

Index

|                            |   | March 31, 2011 |        |   | December 31, 2010 |   |
|---------------------------------|--------|----------------|-------------|--------|-------------------|--------|
|                            |   | Carrying       |        |   | Fair              |   |   | Carrying |   |   | Fair |   |
|                            |   | Amount         |        |   | Value             |   |   | Amount |   |   | Value |   |
| Financial assets:               |   |           |        |   |              |   |   |   |   |   |   |   |
| Cash and cash equivalents       |   | $              | 53,423,315  |   |              | $      | 53,423,315 |   |   | $ | 66,253,047 |   |   | $ | 66,253,047 |   |
| Interest-earning time deposits  |   |           | 1,723,388   |   |              |   | 1,723,388 |   |   |   | 1,718,651 |   |   |   | 1,718,651 |   |
| Securities                      |   |           | 87,025,472  |   |              |   | 87,025,472 |   |   |   | 78,474,908 |   |   |   | 78,474,908 |   |
| Federal Home Loan Bank stock    |   |           | 6,306,273   |   |              |   | 6,306,273 |   |   |   | 6,306,273 |   |   |   | 6,306,273 |   |
| Loans, net                      |   |           | 391,288,136 |   |              |   | 388,869,775 |   |   |   | 387,567,638 |   |   |   | 384,965,267 |   |
| Accrued interest receivable     |   |           | 2,051,184   |   |              |   | 2,051,184 |   |   |   | 1,866,511 |   |   |   | 1,866,511 |   |
|                            |   |           |        |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities:          |   |           |        |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest bearing deposits   |   |           | 32,783,874  |   |              |   | 32,783,874 |   |   |   | 34,172,434 |   |   |   | 34,172,434 |   |
| Interest bearing deposits       |   |           | 420,319,961 |   |              |   | 421,801,868 |   |   |   | 413,310,775 |   |   |   | 415,075,294 |   |
| Federal Home Loan Bank advances |   |           | 21,928,000  |   |              |   | 21,975,587 |   |   |   | 21,924,000 |   |   |   | 22,021,145 |   |
| Securities sold under agreement |   |           |        |   |              |   |   |   |   |   |   |   |   |   |   |   |
| to repurchase                   |   |           | 16,377,112  |   |              |   | 16,377,112 |   |   |   | 21,457,075 |   |   |   | 21,457,075 |   |
| Subordinated debentures         |   |           | 4,000,000   |   |              |   | 4,000,000 |   |   |   | 3,974,272 |   |   |   | 3,974,272 |   |
| Accrued interest payable        |   |           | 496,909     |   |              |   | 496,909 |   |   |   | 561,687 |   |   |   | 561,687 |   |

----

Index

|                                  |      | March 31, 2011                                       |   |
|---------------------------------------|-----------|------------------------------------------------------|--------|
|                                  |      | Quoted Prices in Active Markets for Identical Assets |   |   | Significant Other Observable Inputs |   |   | Significant Unobservable Inputs |   |   |   |   |
| Assets:                               | (Level 1) |                                                 |   | (Level 2) |   |   | (Level 3) |   |   | Total |   |
| Investment securities:                |      |                                                 |   |   |   |   |   |   |   |   |   |   |
| U.S. government agency obligations    |      | $                                                    | -      |   |   | $ | 44,983,580 |   |   | $ | - |   |   | $ | 44,983,580 |   |
| Corporate bonds                       |      |                                                 | -      |   |   |   | 2,111,797 |   |   |   | - |   |   |   | 2,111,797 |   |
| State and municipal securities        |      |                                                 | -      |   |   |   | 19,593,821 |   |   |   | - |   |   |   | 19,593,821 |   |
| Other securities                      |      |                                                 | -      |   |   |   | 3,501 |   |   |   | - |   |   |   | 3,501 |   |
| Mortgage-backed securities            |      |                                                 | -      |   |   |   | 20,332,773 |   |   |   | - |   |   |   | 20,332,773 |   |
| Total investment securities available |      |                                                 |   |   |   |   |   |   |   |   |   |   |   |
| for sale                              |      | $                                                    | -      |   |   | $ | 87,025,472 |   |   | $ | - |   |   | $ | 87,025,472 |   |
|                                  |      |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                  |      | December 31, 2010                                                   |   |
|---------------------------------------|-----------|---------------------------------------------------------------------|--------|
|                                  |      | Quoted Prices in Active Markets for Identical Assets |   |   | Significant Other Observable Inputs |   |   | Significant Unobservable Inputs |   |   |   |   |
| Assets:                               | (Level 1) |                                                                |   | (Level 2) |   |   | (Level 3) |   |   | Total |   |
| Investment securities:                |      |                                                                |   |   |   |   |   |   |   |   |   |   |
| U.S. government agency obligations    |      | $                                                                   | -      |   |   | $ | 42,690,393 |   |   | $ | - |   |   | $ | 42,690,393 |   |
| Corporate bonds                       |      |                                                                | -      |   |   |   | 2,057,639 |   |   |   | - |   |   |   | 2,057,639 |   |
| State and municipal securities        |      |                                                                | -      |   |   |   | 17,774,271 |   |   |   | - |   |   |   | 17,774,271 |   |
| Other securities                      |      |                                                                | -      |   |   |   | 3,501 |   |   |   | - |   |   |   | 3,501 |   |
| Mortgage-backed securities            |      |                                                                | -      |   |   |   | 15,949,104 |   |   |   | - |   |   |   | 15,949,104 |   |
| Total investment securities available |      |                                                                |   |   |   |   |   |   |   |   |   |   |   |
| for sale                              |      | $                                                                   | -      |   |   | $ | 78,474,908 |   |   | $ | - |   |   | $ | 78,474,908 |   |

----

Index

|           |      | March 31, 2011                                                      |   |
|----------------|-----------|---------------------------------------------------------------------|--------|
|           |      | Quoted Prices in Active Markets for Identical Assets           |   |   | Significant Other Observable Inputs |   |   | Significant Unobservable Inputs |   |   |   |   |
| Assets:        | (Level 1) |                                                                |   | (Level 2) |   |   | (Level 3) |   |   | Total |   |
|           |      |                                                                |   |   |   |   |   |   |   |   |   |   |
| Impaired loans |      | $                                                                   | -      |   |   | $ | - |   |   | $ | 6,189,287 |   |   | $ | 6,189,287 |   |
|           |      |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|           |      | December 31, 2010                                                   |   |
|           |      | Quoted Prices in Active Markets for Identical Assets |   |   | Significant Other Observable Inputs |   |   | Significant Unobservable Inputs |   |   |   |   |   |
| Assets:        | (Level 1) |                                                                |   | (Level 2) |   |   | (Level 3) |   |   | Total |   |
|           |      |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Impaired loans |      | $                                                                   | -      |   |   | $ | - |   |   | $ | 5,861,818 |   |   | $ | 5,861,818 |   |
|           |      |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

t

----

Index

----

Index

----

Index

|                                                                  |   | March 31, |       |   | December 31, |   |
|-----------------------------------------------------------------------|--------|-----------|------------|--------|--------------|--------|
|                                                                  |   | 2011      |       |   | 2010         |   |
|                                                                  |   |      |       |   |         |   |
| Loans 90 days or more past due and still accruing                     |   | $         | 790,399    |   |         | $      | 92,728 |   |
| Non-accrual loans, including $7,551,222 and $11,793,138 classified as |   |      |       |   |         |
| impaired as of March 31, 2011 and December 31, 2010, respectively     |   |      | 8,187,280  |   |         |   | 12,249,180 |   |
| Other impaired loans                                                  |   |      | 8,758,169  |   |         |   | 7,279,258 |   |
|   Total non-performing and impaired loans                   |   | $         | 17,735,848 |   |         | $      | 19,621,166 |   |
|                                                                  |   |      |       |   |         |   |   |   |

|                                                           |   | March 31, |   |   | December 31, |   |
|----------------------------------------------------------------|--------|-----------|--------|--------|--------------|--------|
|                                                           |   | 2011      |   |   | 2010         |   |
| Non-performing assets and impaired loans to total assets       |   |      | 3.97   | %      |         |   | 4.08 | % |
| Non-performing and impaired loans to total loans               |   |      | 4.53   |   |         |   | 5.06 |   |
| Allowance for loan losses to non-performing and impaired loans |   |      | 24.48  |   |         |   | 29.19 |   |
| Allowance for loan losses to total loans                       |   |      | 1.11   |   |         |   | 1.48 |   |
|                                                           |   |      |   |   |         |   |   |   |

----

Index

----

Index

|                                                             |   | Three Months Ended March 31,     |    |   | Three Months Ended March 31, |   |
|------------------------------------------------------------------|--------|----------------------------------|---------|--------|------------------------------|--------|
|                                                             |   | 2011                             |    |   | 2010                         |   |
|                                                             |   | Average Outstanding Balance |    |   | Interest (4)                 |   |   | Yield/ Rate |   |   | Average Outstanding Balance |   |   | Interest (4) |   |   | Yield/ Rate |   |
|                                                             |   | (Dollars in thousands)           |    |
| Interest-earning assets:                                         |   |                             |    |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans, gross                                                     |   | $                                | 396,210 |   |                         | $      | 5,400 |   |   |   | 5.53 | % |   | $ | 416,101 |   |   | $ | 5,740 |   |   |   | 5.59 | % |
| Securities                                                       |   |                             | 80,878  |   |                         |   | 598 |   |   |   | 3.00 |   |   |   | 94,757 |   |   |   | 801 |   |   |   | 3.43 |   |
| Federal Home Loan Bank stock                                     |   |                             | 6,306   |   |                         |   | 1 |   |   |   | 0.06 |   |   |   | 6,306 |   |   |   | - |   |   |   | - |   |
| Interest-earning balances from depository institutions           |   |                             | 48,778  |   |                         |   | 25 |   |   |   | 0.21 |   |   |   | 41,001 |   |   |   | 19 |   |   |   | 0.19 |   |
| Total interest-earning assets                                    |   |                             | 532,172 |   |                         |   | 6,024 |   |   |   | 4.59 |   |   |   | 558,165 |   |   |   | 6,560 |   |   |   | 4.77 |   |
| Non-interest-earning assets                                      |   |                             | 41,143  |   |                         |   |   |   |   |   |   |   |   |   | 39,561 |   |   |   |   |   |   |   |   |   |
| Total assets                                                     |   | $                                | 573,315 |   |                         |   |   |   |   |   |   |   |   | $ | 597,726 |   |   |   |   |   |   |   |   |   |
|                                                             |   |                             |    |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                                    |   |                             |    |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing transaction                                     |   | $                                | 206,295 |   |                         |   | 496 |   |   |   | 0.98 |   |   | $ | 179,105 |   |   |   | 564 |   |   |   | 1.28 |   |
| Savings deposits                                                 |   |                             | 20,878  |   |                         |   | 37 |   |   |   | 0.72 |   |   |   | 18,857 |   |   |   | 39 |   |   |   | 0.84 |   |
| Time deposits                                                    |   |                             | 187,104 |   |                         |   | 1,081 |   |   |   | 2.34 |   |   |   | 200,336 |   |   |   | 1,437 |   |   |   | 2.91 |   |
| Securities sold under agreements to repurchase                   |   |                             | 20,500  |   |                         |   | 6 |   |   |   | 0.12 |   |   |   | 33,464 |   |   |   | 7 |   |   |   | 0.08 |   |
| Federal Home Loan Bank advances                                  |   |                             | 21,925  |   |                         |   | 126 |   |   |   | 2.33 |   |   |   | 39,422 |   |   |   | 342 |   |   |   | 3.52 |   |
| Subordinated debentures                                          |   |                             | 3,978   |   |                         |   | 48 |   |   |   | 4.89 |   |   |   | 3,934 |   |   |   | 74 |   |   |   | 7.63 |   |
| Total interest-bearing liabilities                               |   |                             | 460,680 |   |                         |   | 1,794 |   |   |   | 1.58 |   |   |   | 475,118 |   |   |   | 2,463 |   |   |   | 2.10 |   |
| Non-interest-bearing liabilities                                 |   |                             | 34,781  |   |                         |   |   |   |   |   |   |   |   |   | 45,178 |   |   |   |   |   |   |   |   |   |
| Total liabilities                                                |   |                             | 495,461 |   |                         |   |   |   |   |   |   |   |   |   | 520,296 |   |   |   |   |   |   |   |   |   |
| Stockholders’ equity                                       |   |                             | 77,854  |   |                         |   |   |   |   |   |   |   |   |   | 77,430 |   |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders’ equity                 |   | $                                | 573,315 |   |                         |   |   |   |   |   |   |   |   | $ | 597,726 |   |   |   |   |   |   |   |   |   |
|                                                             |   |                             |    |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income                                              |   |                             |    |   |                         | $      | 4,230 |   |   |   |   |   |   |   |   |   |   | $ | 4,097 |   |   |   |   |   |
| Net interest rate spread (1)                                     |   |                             |    |   |                         |   |   |   |   |   | 3.01 | % |   |   |   |   |   |   |   |   |   |   | 2.67 | % |
| Net interest-earning assets (2)                                  |   | $                                | 71,492  |   |                         |   |   |   |   |   |   |   |   | $ | 83,047 |   |   |   |   |   |   |   |   |   |
| Net interest margin (3)                                          |   |                             |    |   |                         |   |   |   |   |   | 3.22 | % |   |   |   |   |   |   |   |   |   |   | 2.98 | % |
| Ratio of interest-earning assets to interest-bearing liabilities |   |                             |    | 115.52 | %                            |   |   |   |   |   |   |   |   |   |   | 117.48 | % |
|                                                             |   |                             |    |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.                                                  |
| (3) Net interest margin represents net interest income divided by average total interest-earning assets.                                                          |
| (4) Interest on loans includes loan fees collected in the amount of $61,599 and $36,669 for the three months ended March 31, 2011 and 2010, respectively.         |

----

Index

----

Index

----

Index

|                                        |   |                   |    |   |              |   |   |              |   |   |                    |   |   | To be Well Capitalized |   |
|---------------------------------------------|--------|------------------------|---------|--------|-------------------|--------|--------|-------------------|--------|--------|-------------------------|--------|--------|------------------------|--------|
|                                        |   |                   |    |   |              |   |   | For Capital       |   |   | Under Prompt Corrective |   |
|                                        |   | Actual                 |    |   | Adequacy Purposes |   |   | Action Provisions |   |
|                                        |   | Amount                 |    |   | Ratio             |   |   | Amount            |   |   | Ratio                   |   |   | Amount                 |   |   | Ratio |   |
|                                        |   | (Dollars in Thousands) |    |
| Stockholders' equity                        |   | $                      | 73,843  |   |              |   |   |              |   |   |                    |   |   |                   |   |   |   |   |   |
| Goodwill and core deposit intangible        |   |                   | (12,428 | )      |              |   |   |              |   |   |                    |   |   |                   |   |   |   |   |   |
| Disallowed servicing assets                 |   |                   | (577    | )      |              |   |   |              |   |   |                    |   |   |                   |   |   |   |   |   |
| Unrealized gain on securities AFS, net      |   |                   | (832    | )      |              |   |   |              |   |   |                    |   |   |                   |   |   |   |   |   |
| Tangible capital to adjusted total assets   |   | $                      | 60,006  |   |              |   | 10.8   | %                 |   | $      | 8,333                   |   |   |                   | 1.5    | % |   |   | N/A |   |   |   | - |   |
| Allowance as limited by regulatory guidance |   |                   | 3,717   |   |              |   |   |              |   |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |
| Deduction for low-level recourse            |   |                   | (1,607  | )      |              |   |   |              |   |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |
| Total capital to risk-weighted assets       |   | $                      | 62,116  |   |              |   | 16.8   | %                 |   | $      | 29,641                  |   |   |                   | 8.0    | % |   | $ | 37,052 |   |   |   | 10.0 | % |
|                                        |   |                   |    |   |              |   |   |              |   |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |
| Tier 1 capital to risk-weighted assets      |   | $                      | 60,006  |   |              |   | 16.2   | %                 |   |   | N/A                     |   |   |                   | -      |   |   | $ | 22,231 |   |   |   | 6.0 | % |
|                                        |   |                   |    |   |              |   |   |              |   |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |
| Tier 1 capital to total assets              |   | $                      | 60,006  |   |              |   | 10.8   | %                 |   | $      | 22,222                  |   |   |                   | 4.0    | % |   | $ | 27,777 |   |   |   | 5.0 | % |

----

Index

|                         |   |                   |   |   |        |   |   |        |   |   | Range of Rates |   |
|------------------------------|--------|------------------------|--------|--------|-------------|--------|--------|-------------|--------|--------|----------------|--------|
|                         |   | Variable Rate          |   |   | Fixed Rate  |   |   | Total       |   |   | on Fixed Rate  |   |
|                         |   | Commitments            |   |   | Commitments |   |   | Commitments |   |   | Commitments    |   |
|                         |   | (Dollars in thousands) |   |
|                         |   |                   |   |   |        |   |   |        |   |   |           |   |
| Commitments to extend credit |   | $                      | 41,792 |   |        | $      | 7,819  |        |   | $      | 49,611         |   |   |   | 3.50% - 18.00 | % |
| Standby letters of credit    |   | $                      | 1,633  |   |        | $      | 2,501  |        |   | $      | 4,134          |   |   |   | 5.13% - 9.25 | % |

----

Index

m

----

Index

| December 31, 2010        |
|--------------------------|
|                     |   |   | NPV |   | Net Portfolio Value as a Percentage of Present Value of Assets |
|                     |   |   | Estimated |   | Estimated Increase (Decrease) in NPV |   |   |   |   |   |   |
| Change in Interest Rates |   |  NPV |   | Amount |   | Percent |   | NPV Ratio |   | Change |
|                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                     | +300 | bp |   | $ | 69,537 |   |   | $ | (12,789 | ) |   |   | (16 | ) % |   |   | 12.26 | % |   |   | (179 | ) bp |
|                     | +200 | bp |   |   | 74,569 |   |   |   | (7,757 | ) |   |   | (9 | ) |   |   | 12.99 |   |   |   | (106 | ) bp |
|                     | +100 | bp |   |   | 78,978 |   |   |   | (3,348 | ) |   |   | (4 | ) |   |   | 13.61 |   |   |   | (44 | ) bp |
|                     | +50 | bp |   |   | 80,653 |   |   |   | (1,673 | ) |   |   | (2 | ) |   |   | 13.83 |   |   |   | (22 | ) bp |
|                     | 0 | bp |   |   | 82,326 |   |   |   | — |   |   |   | — |   |   |   | 14.05 |   |   |   | 0 | bp |
|                     | -50 | bp |   |   | 83,121 |   |   |   | 795 |   |   |   | 1 |   |   |   | 14.14 |   |   |   | 9 | bp |
|                     | -100 | bp |   |   | 84,741 |   |   |   | 2,415 |   |   |   | 3 |   |   |   | 14.36 |   |   |   | 32 | bp |

----

Index

m

----

Index

T

s

s

m

| (a) | No equity securities were sold during the quarter that were not registered under the Securities Exchange Act. |
|-----|---------------------------------------------------------------------------------------------------------------|

| (b) | Not applicable. |
|-----|-----------------|

| (c) | The following table presents for the periods indicated a summary of the purchases made by or on behalf of the Company of shares of its common stock. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| Period                | Total Number of Shares Purchased |   |   | Average Price Paid per Share |   |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   |   | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs(1) |   |
|-----------------------|--------------------------------------------|--------|--------|----------------------------------------|--------|--------|----------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------|--------|
|                  |                                       |   |   |                                   |   |   |                                                                             |   |   |                                                                                        |   |   |
| January 1 - 31, 2011  |                                       |   | 831    |                                   |   | $      | 6.81                                                                             |   |   |                                                                                        | 831    |   |   |   | 24,169 |   |
| February 1 - 28, 2011 |                                       |   | -      |                                   |   | $      | -                                                                                |   |   |                                                                                        | -      |   |   |   | 24,169 |   |
| March 1 - 31, 2011    |                                       |   | 5,350  |                                   |   | $      | 7.20                                                                             |   |   |                                                                                        | 5,350  |   |   |   | 18,819 |   |
| Total                 |                                       |   | 6,181  |                                   |   |   |                                                                             |   |   |                                                                                        | 6,181  |   |   |   |   |   |

|   | (1) | The Company’s board of directors approved a stock repurchase program on November 12, 2008 for the repurchase of up to 924,480 shares of common stock, on December 11, 2008, they increased the number of shares that may be repurchased pursuant to that plan by an additional 382,641 shares, on April 27, 2010, August 24, 2010, and November 23, 2010 they authorized additional increases to that plan of 25,000 shares each.  The plan has no expiration date. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

m

e

e

----

Index

e

|   | 31.1: | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|-------|-----------------------------------------------------------------------------------------------------|

|   | 31.2: | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|-------|-----------------------------------------------------------------------------------------------------|

|   | 32: | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|-----|--------------------------------------------------------------------------|

----

Index

T

|                                | FIRST CLOVER LEAF FINANCIAL CORP.                                                                                                                                                     |                                              |
|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                                |                              (Registrant) |                                              |
|                                |                                                                                                                                                                                  |                                              |   |
| DATE:   May 16, 2011 | BY:                                                                                                                                                                                   | /s/ Dennis M. Terry                               |   |
|                                |                                                                                                                                                                                  | Dennis M. Terry,                                  |   |
|                                |                                                                                                                                                                                  | President and Chief Executive Officer             |   |
|                                |                                                                                                                                                                                  |                                              |   |
|                                |                                                                                                                                                                                  |                                              |   |
|                                | BY:                                                                                                                                                                                   | /s/ Darlene F. McDonald                           |   |
|                                |                                                                                                                                                                                  | Darlene F. McDonald,                              |   |
|                                |                                                                                                                                                                                  | Senior Vice-President and Chief Financial Officer |   |