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| Pennsylvania                                  |   | 35-2293957             |
|-----------------------------------------------|--------|------------------------|
| (State or Other Jurisdiction of               |   | (I.R.S. Employer       |
| Incorporation or Organization)                |   | Identification Number) |
|                                          |   |                   |
| 607 Lakeside Drive, Southampton, Pennsylvania |   | 18966                  |
| (Address of Principal Executive Offices)      |   | (Zip Code)             |

| Common Stock, $.01 par value per share |
|----------------------------------------|
| Title of Class                         |

| (1) | Portions of the Annual Report to Stockholders for the year ended December 31, 2010 are incorporated by reference into Part II, Items 6-8 and Part IV, Item 15 of this Form 10-K. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Portions of the definitive Proxy Statement for the 2011 Annual Meeting of Stockholders are incorporated by reference into Part III, Items 10-14 of this Form 10-K. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Page     |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| PART I             |
| Item  1. | Business                                                                                                                               |   1 |
| Item 1A.           | Risk Factors                                                                                                                           | 29       |
| Item 1B.           | Unresolved Staff Comments                                                                                                              | 29       |
| Item  2. | Properties                                                                                                                             | 29       |
| Item  3. | Legal Proceedings                                                                                                                      | 30       |
| Item  4. | (Removed and Reserved)                                                                                                                 | 30       |
| PART II            |
| Item  5. | Market for the Registrant's Common Equity, Related Stockholder Matters andIssuer Purchases of Equity Securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 30       |
| Item  6. | Selected Financial Data                                                                                                                | 31       |
| Item  7. | Management's Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 31       |
| Item 7A.           | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 31       |
| Item 8.            | Financial Statements and Supplementary Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 31       |
| Item 9.            | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 31       |
| Item 9A            | Controls and Procedures                                                                                                                | 32       |
| Item 9B.           | Other Information                                                                                                                      | 32       |
| PART III           |
| Item 10.           | Directors and Executive Officers of the Registrant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 33       |
| Item 11.           | Executive Compensation                                                                                                                 | 33       |
| Item 12.           | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 33       |
| Item 13.           | Certain Relationships and Related Transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 34       |
| Item 14.           | Principal Accounting Fees and Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 34       |
| PART IV            |
| Item 15.           | Exhibits, Financial Statement Schedules                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 35       |
| SIGNATURES         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

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|                                        |   | December 31,           |   |
|---------------------------------------------|--------|------------------------|--------|
|                                        |   | 2010                   |   |   | 2009 |   |
|                                        |   | Amount                 |   |   | % |   |   | Amount |   |   | % |   |
|                                        |   | (Dollars in Thousands) |   |
| Real estate loans:                          |   |                   |   |   |   |   |   |   |   |   |   |   |
|   One-to-four family residential: |   |                   |   |   |   |   |   |   |   |   |   |   |
| Owner occupied                              |   | $                      | 13,428 |   |   |   | 17.8 | % |   | $ | 15,388 |   |   |   | 20.9 | % |
| Non-owner occupied                          |   |                   | 26,263 |   |   |   | 34.7 |   |   |   | 25,133 |   |   |   | 34.2 |   |
| Total one-to-four family residential loans  |   |                   | 39,691 |   |   |   | 52.5 |   |   |   | 40,521 |   |   |   | 55.1 |   |
|                                        |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Multi-family residential        |   |                   | 3,226  |   |   |   | 4.3 |   |   |   | 3,127 |   |   |   | 4.3 |   |
|   Commercial real estate          |   |                   | 18,773 |   |   |   | 24.8 |   |   |   | 18,617 |   |   |   | 25.3 |   |
|   Construction                    |   |                   | 5,773  |   |   |   | 7.6 |   |   |   | 3,536 |   |   |   | 4.8 |   |
|   Commercial lines of credit      |   |                   | 1,854  |   |   |   | 2.5 |   |   |   | 1,197 |   |   |   | 1.6 |   |
|   Home equity loans               |   |                   | 6,181  |   |   |   | 8.2 |   |   |   | 6,445 |   |   |   | 8.8 |   |
| Total real estate loans                     |   |                   | 75,498 |   |   |   | 99.9 |   |   |   | 73,443 |   |   |   | 99.9 |   |
|                                        |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Auto loans                                  |   |                   | 75     |   |   |   | 0 .1 |   |   |   | 78 |   |   |   | 0 .1 |   |
| Loans secured by deposits                   |   |                   | 15     |   |   |   |  - |   |   |   | 13 |   |   |   |  - |   |
| Total loans                                 |   |                   | 75,588 |   |   |   | 100.0 | % |   |   | 73,534 |   |   |   | 100.0 | % |
| Plus (less):                                |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred loan fees and costs                |   |                   | (7     | ) |   |   |   |   |   |   | 29 |   |   |   |   |   |
| Allowance for loan losses                   |   |                   | (871   | ) |   |   |   |   |   |   | (835 | ) |   |   |   |   |
| Net loans                                   |   | $                      | 74,710 |   |   |   |   |   |   | $ | 72,728 |   |   |   |   |   |

----

|                                                                            |   | Year Ended December 31, |       |
|---------------------------------------------------------------------------------|--------|-------------------------|------------|
|                                                                            |   | 2010                    |       |   | 2009 |   |
|                                                                            |   | (In Thousands)          |       |
| Loan originations:                                                              |   |                    |       |   |   |   |
|      One-to-four family residential owner occupied     |   | $                       | 1,509      |   |   | $ | 1,816 |   |
|      One-to-four family residential non-owner occupied |   |                    | 3,444      |   |   |   | 6,120 |   |
|      Multi-family residential                          |   |                    | 313        |   |   |   | -- |   |
|      Commercial real estate and lines of credit        |   |                    | 6,043      |   |   |   | 3,175 |   |
|      Construction                                      |   |                    | 8,179      |   |   |   | 5,489 |   |
|      Home equity                                       |   |                    | 1,862      |   |   |   | 3,065 |   |
|      Consumer non-real estate                          |   |                    | 21         |   |   |   | 47 |   |
| Total loan originations                                                         |   |                    | 21,371     |   |   |   | 19,712 |   |
|      Loan principal repayments                         |   |                    | (18,653    | ) |   |   | (15,936 | ) |
| Decreases due to other items, net (1)                                           |   |                    |  (736 | ) |   |   | (358 | ) |
| Net increase in loan portfolio                                                  |   | $                       | 1,982      |   |   | $ | 3,418 |   |

|                                                                                                 |   |  1-4 Family Residential OwnerOccupied |   |   |   1-4 Family ResidentialNon-Owner Occupied |   |   |   Multi-FamilyResidential |   |   |   Commercial Real Estate and Lines of Credit |   |   |   Construction |   |   |   Home Equity |   |   |   Consumer Non-RealEstate |   |   |   Total |   |
|------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|--------|------------------------------------------------------|--------|--------|--------------------------------|--------|--------|-------------------------------------------------------------|--------|--------|---------------------|--------|--------|--------------------|--------|--------|-------------------------------------|--------|--------|--------------|--------|
|                                                                                                 |   |                                                 |   |   |                                                 |   |   | (In Thousands)                 |   |   |                                                        |   |   |                |   |
| Amounts due after December     31, 2010 in:                                      |   |                                                 |   |   |                                                 |   |   |                           |   |   |                                                        |   |   |                |   |   |               |   |   |                                |   |   |         |   |
|     One year or less                                                             |   | $                                                    | 1,615  |   |                                                 | $      | 1,123  |                           |   | $      | 868                                                         |   |   | $                   | 4,775  |   |               | $      | 5,590  |                                |   | $      | 1,210        |   |   | $ | 11 |   |   | $ | 15,192 |   |
|     After one year through three   years                               |   |                                                 | 2,428  |   |                                                 |   | 2,251  |                           |   |   | --                                                          |   |   |                | 579    |   |               |   | 70     |                                |   |   | 421          |   |   |   | 48 |   |   |   | 5,797 |   |
|     After three years through five       years          |   |                                                 | 1,485  |   |                                                 |   | 9,730  |                           |   |   | 1,232                                                       |   |   |                | 7,915  |   |               |   | --     |                                |   |   | 44           |   |   |   | 31 |   |   |   | 20,437 |   |
|     After five years through ten        years |   |                                                 | 1,963  |   |                                                 |   | 4,304  |                           |   |   | 479                                                         |   |   |                | 2,840  |   |               |   | 33     |                                |   |   | 1,389        |   |   |   | -- |   |   |   | 11,008 |   |
|     After ten years through 15       years         |   |                                                 | 752    |   |                                                 |   | 2,001  |                           |   |   | 60                                                          |   |   |                | 1,133  |   |               |   | --     |                                |   |   | 3,036        |   |   |   | -- |   |   |   | 6,982 |   |
|     After 15 years                                                               |   |                                                 | 5,185  |   |                                                 |   | 6,854  |                           |   |   | 587                                                         |   |   |                | 3,385  |   |               |   | 80     |                                |   |   | 81           |   |   |   |  -- |   |   |   | 16,172 |   |
|         Total                                                |   | $                                                    | 13,428 |   |                                                 | $      | 16,263 |                           |   | $      | 3,226                                                       |   |   | $                   | 20,627 |   |               | $      | 5,773  |                                |   | $      | 6,181        |   |   | $ | 90 |   |   | $ | 75,588 |   |

----

|                                                        |   |   | Fixed-Rate  |   |   |   | Floating orAdjustable-Rate  |   |   |   | Total  |   |
|-------------------------------------------------------------|--------|--------|------------------|--------|--------|--------|----------------------------------|--------|--------|--------|--------|--------|
|                                                        |   |   |             |   |   |   | (In Thousands)              |   |   |   |   |   |
| One-to-four family residential owner occupied               |   | $      | 11,812           |   |   | $      | --                               |   |   | $      | 11,812 |   |
| One-to-four family residential non-owner occupied           |   |   | 5,781            |   |   |   | 19,359                           |   |   |   | 25,140 |   |
| Multi-family residential                                    |   |   | 1,150            |   |   |   | 1,208                            |   |   |   | 2,358  |   |
| Commercial real estate and lines of credit                  |   |   | 3,114            |   |   |   | 12,740                           |   |   |   | 15,854 |   |
| Construction                                                |   |   | 32               |   |   |   | 150                              |   |   |   | 182    |   |
| Home equity                                                 |   |   | 4,380            |   |   |   | 591                              |   |   |   | 4,971  |   |
| Consumer non-real estate                                    |   |   | 79               |   |   |   |  --                         |   |   |   | 79     |   |
|          Total |   | $      | 26,348           |   |   | $      | 34,048                           |   |   | $      | 60,396 |   |

----

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|                                              |   | December 31, 2010      |   |
|---------------------------------------------------|--------|------------------------|--------|
|                                              |   | 30-89Days Overdue      |   |   | 90 or More DaysOverdue |   |
|                                              |   | Numberof Loans         |   |   | PrincipalBalance |   |   | Numberof Loans |   |   | PrincipalBalance |   |
|                                              |   | (Dollars in Thousands) |   |
| One-to-four family residential-owner occupied     |   |                   | 5      |   |   | $ | 810 |   |   |   | 1 |   |   | $ | 61 |   |
| One-to-four family residential-non-owner occupied |   |                   | 9      |   |   |   | 1,106 |   |   |   | 4 |   |   |   | 353 |   |
| Multi-family residential                          |   |                   | 1      |   |   |   | 204 |   |   |   | -- |   |   |   | -- |   |
| Commercial real estate and lines of credit        |   |                   | 8      |   |   |   | 1,061 |   |   |   | 1 |   |   |   | 108 |   |
| Construction                                      |   |                   | --     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Home equity                                       |   |                   | 10     |   |   |   | 437 |   |   |   | -- |   |   |   | -- |   |
| Consumer non-real estate                          |   |                   | 1      |   |   |   | 15 |   |   |   | -- |   |   |   | -- |   |
| Total delinquent loans                            |   |                   | 34     |   |   | $ | 3,633 |   |   |   | 6 |   |   | $ | 522 |   |
| Delinquent loans to total net loans               |   |                   |   |   |   |   | 4.86 | % |   |   |   |   |   |   | 0.70 | % |
| Delinquent loans to total loans                   |   |                   |   |   |   |   | 4.81 | % |   |   |   |   |   |   | 0.69 | % |
|                                              |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                             |   |                                                                     |     |   |   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|----------|--------|--------|--------|
|                                                                                                                                                                             |   |           December 31, |     |
|                                                                                                                                                                             |   | 2010                                                                     |     |   | 2009   |   |
|                                                                                                                                                                             |   | (Dollars in Thousands)                                                   |     |
| Non-accruing loans:                                                                                                                                                              |   |                                                                     |     |   |   |   |
| One-to-four family residential-owner occupied                                                                                                                                    |   | $                                                                        | 539      |   |   | $      | -- |   |
| One-to-four family residential-non-owner occupied                                                                                                                                |   |                                                                     | 422      |   |   |   | -- |   |
| Home equity                                                                                                                                                                      |   |                                                                     | 23       |   |   |   | -- |   |
| Total non-accruing loans                                                                                                                                                         |   |                                                                     | 984      |   |   |   | -- |   |
| Accruing loans 90 days or more past due:                                                                                                                                         |   |                                                                     |     |   |   |   |   |   |
| One-to-four family residential-owner occupied                                                                                                                                    |   |                                                                     | 61       |   |   |   | 192 |   |
| One-to-four family residential-non-owner occupied                                                                                                                                |   |                                                                     | 353      |   |   |   | 659 |   |
| Commercial real estate and lines of credit                                                                                                                                       |   |                                                                     | 108      |   |   |   | -- |   |
| Home equity                                                                                                                                                                      |   |                                                                     |  -- |   |   |   |  74 |   |
| Total accruing loans 90 days or more past due                                                                                                                                    |   |                                                                     | 522      |   |   |   |  925 |   |
|       Total non-performing loans (1)                                                                                                               |   |                                                                     | 1,506    |   |   |   |  925 |   |
| Other real estate owned, net                                                                                                                                                     |   |                                                                     | 1,191    |   |   |   | 913 |   |
|       Total non-performing assets                                                                                                                  |   |                                                                     | 2,697    |   |   |   | 1,838 |   |
| Troubled debt restructurings                                                                                                                                                     |   |                                                                     | 430      |   |   |   | 1,524 |   |
|  Total non-performing assets and troubled debt     restructurings                                                                                  |   | $                                                                        | 3,127    |   |   | $      | 3,362 |   |
| Total non-performing loans as a percentage                     of loans, net |   |                                                                     | 2.02     | %      |   |   | 1.27 | % |
| Total non-performing loans as a percentageof total assets                                                                                                                        |   |                                                                     | 1.48     | %      |   |   | 0.98 | % |
| Total non-performing assets as a percentageof total assets                                                                                                                       |   |                                                                     | 2.64     | %      |   |   | 1.96 | % |
| Total non-performing assets and troubled debt restructurings as      a percentage of total assets                                                       |   |                                                                     | 3.06     | %      |   |   | 3.58 | % |

----

|                                                                                     |   |   | December 31,           |   |
|------------------------------------------------------------------------------------------|--------|--------|------------------------|--------|
|                                                                                     |   |   | 2010                   |   |   |   | 2009 |   |
|                                                                                     |   |   | (Dollars in Thousands) |   |
| Total loans outstanding at end of period, net                                            |   | $      | 74,710                 |   |   | $ | 72,728 |   |
|                                                                                     |   |   |                   |   |   |   |   |   |
| Average loans outstanding                                                                |   | $      | 73,994                 |   |   | $ | 71,549 |   |
|                                                                                     |   |   |                   |   |   |   |   |   |
| Allowance for loan losses, beginning of period                                           |   | $      | 835                    |   |   | $ | 689 |   |
| Provision for loan losses                                                                |   |   | 114                    |   |   |   | 165 |   |
| Charge-offs:                                                                             |   |   |                   |   |   |   |   |   |
| One-to-four family residential non-owner occupied                                        |   |   | (78                    | )      |   |   | -- |   |
| Multi-family residential                                                                 |   |   | --                     |   |   |   | (7 | ) |
| Commercial real estate and lines of credit                                               |   |   | --                     |   |   |   | (11 | ) |
| Home equity                                                                              |   |   | --                     |   |   |   | (1 | ) |
| Total charge-offs                                                                        |   |   | (78                    | )      |   |   | (19 | ) |
| Recoveries on loans previously charged off                                               |   |   | --                     |   |   |   | -- |   |
| Allowance for loan losses, end of period                                                 |   | $      | 871                    |   |   | $ | 835 |   |
|                                                                                     |   |   |                   |   |   |   |   |   |
| Allowance for loan losses as a percent ofnon-performing loans                            |   |   | 57.84                  | %      |   |   | 90.27 | % |
|                                                                                     |   |   |                   |   |   |   |   |   |
| Ratio of net charge-offs during the periodto average loans outstanding during the period |   |   | 0.11                   | %      |   |   | 0.03 | % |

----

|                                              |   | December 31,           |   |
|---------------------------------------------------|--------|------------------------|--------|
|                                              |   | 2010                   |   |   | 2009 |   |
|                                              |   | Amount of Allowance    |   |   | LoanCategoryas a % ofTotal Loans |   |   | Amount of Allowance |   |   | LoanCategoryas a % ofTotal Loans |   |
|                                              |   | (Dollars in Thousands) |   |
| One-to-four family residential owner occupied     |   | $                      | 185    |   |   |   | 17.8 | % |   | $ | 83 |   |   |   | 20.9 | % |
| One-to-four family residential non-owner occupied |   |                   | 335    |   |   |   | 34.7 |   |   |   | 202 |   |   |   | 34.2 |   |
| Multi-family residential                          |   |                   | 23     |   |   |   | 4.3 |   |   |   | 22 |   |   |   | 4.3 |   |
| Commercial real estate and lines of credit        |   |                   | 155    |   |   |   | 27.3 |   |   |   | 194 |   |   |   | 26.9 |   |
| Construction                                      |   |                   | 40     |   |   |   | 7.6 |   |   |   | 36 |   |   |   | 4.8 |   |
| Home equity                                       |   |                   | 92     |   |   |   | 8.2 |   |   |   | 41 |   |   |   | 8.8 |   |
| Consumer non-real estate                          |   |                   | 1      |   |   |   | 0.1 |   |   |   | 1 |   |   |   | 0.1 |   |
| Unallocated                                       |   |                   | 40     |   |   |   | -- |   |   |   | 256 |   |   |   | -- |   |
| Total                                             |   | $                      | 871    |   |   |   | 100.0 | % |   | $ | 835 |   |   |   | 100.0 | % |

----

|                                                                  |   | December 31,   |   |
|-----------------------------------------------------------------------|--------|----------------|--------|
|                                                                  |   | 2010           |   |   | 2009 |   |
|                                                                  |   | (In Thousands) |   |
| Interest-earning time deposits with other financial institutions |   | $              | 6,001  |   |   | $ | 3,153 |   |
| U.S. Government agency obligations                                    |   |           | 1,737  |   |   |   | 498 |   |
| Short-term bond fund                                                  |   |           | 1,037  |   |   |   | -- |   |
| Limited-term bond fund                                                |   |           | 497    |   |   |   | -- |   |
| Municipal bond fund                                                   |   |           | --     |   |   |   | 504 |   |
| Mortgage-backed securities                                            |   |           | 5,406  |   |   |   | 7,731 |   |
| FHLB of Pittsburgh stock                                              |   |           | 757    |   |   |   | 797 |   |
|     Total                                         |   | $              | 15,435 |   |   | $ | 12,683 |   |

|                                                                                   |   |   |                         |   |   |   | Amounts at December 31, 2010 Which Mature In |   |   |   |                                   |   |
|----------------------------------------------------------------------------------------|--------|--------|------------------------------|--------|--------|--------|----------------------------------------------|--------|--------|--------|----------------------------------------|--------|
|                                                                                   |   |   |  One Year or Less  |   |   |   | Weighted Average Yield                  |   |   |   | Over One Year Through Five Years  |   |   |   | Weighted Average Yield  |   |   |   | Over Five Years Through TenYears  |   |   |   | Weighted Average Yield  |   |   |   | Over TenYears  |   |   |   | Weighted Average Yield  |   |
|                                                                                   |   |   |                         |   |   |   |                                         |   |   |   |                                   |   |   |   | (Dollars in Thousands) |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning time deposits with   other financial institutions |   | $      | 3,001                        |   |   |   | 1.63                                         | %      |   | $      | 3,000                                  |   |   |   | 2.01 | % |   | $ | -- |   |   |   | -- | % |   | $ | -- |   |   |   | -- | % |
| U.S. Government agency   obligations                                         |   |   | --                           |   |   |   |  --                                     |   |   |   | 1,252                                  |   |   |   |  1.85 |   |   |   | 485 |   |   |   |  1.50 |   |   |   | -- |   |   |   |  -- |   |
| Mortgage-backed securities                                                             |   |   |  --                     |   |   |   |  --                                     |   |   |   |  --                               |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | 5,406 |   |   |   | 4.78 |   |
|    Total                                                                     |   | $      | 3,001                        |   |   |   | 1.63                                         | %      |   | $      | 4,252                                  |   |   |   | 1.96 | % |   | $ | 485 |   |   |   | 1.50 | % |   | $ | 5,406 |   |   |   | 4.78 | % |

----

|                       |   |   | December 31,           |   |
|----------------------------|--------|--------|------------------------|--------|
|                       |   |   | 2010                   |   |   | 2009 |   |
|                       |   |   | Amount                 |   |   | % |   |   | Amount |   |   | % |   |
|                       |   |   | (Dollars in Thousands) |   |
| Certificate accounts:      |   |   |                   |   |   |   |   |   |   |   |   |   |   |
|  0.00% - 0.99%        |   |   | $                      | 4,228  |   |   |   | 5.3 | % |   | $ | -- |   |   |   | -- | % |
|  1.00% - 1.99%        |   |   |                   | 27,833 |   |   |   | 34.9 |   |   |   | 20,760 |   |   |   | 30.4 |   |
|  2.00% - 2.99%        |   |   |                   | 17,569 |   |   |   | 22.1 |   |   |   | 14,824 |   |   |   | 21.7 |   |
|  3.00% - 3.99%        |   |   |                   | 12,433 |   |   |   | 15.6 |   |   |   | 10,892 |   |   |   | 16.0 |   |
|  4.00% - 4.99%        |   |   |                   | 5,250  |   |   |   | 6.6 |   |   |   | 9,771 |   |   |   | 14.3 |   |
|  5.00% - 5.99%        |   |   |                   | 248    |   |   |   |  0.3 |   |   |   | 242 |   |   |   |  0.4 |   |
| Total certificate accounts |   | 67,561 |                   |   |   | 84.8 |   |   |   | 56,489 |   |   |   | 82.8 |   |
| Transaction accounts:      |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Passbook                   |   |   |                   | 3,079  |   |   |   | 3.9 |   |   |   | 3,277 |   |   |   | 4.8 |   |
| Statement savings accounts |   |   |                   | 6,798  |   |   |   | 8.5 |   |   |   | 6,508 |   |   |   | 9.5 |   |
| eSavings accounts          |   |   |                   | 2,253  |   |   |   | 2.8 |   |   |   | 1,978 |   |   |   | 2.9 |   |
| Total transaction accounts |   |   | 12,130                 |   |   |   | 15.2 |   |   |   | 11,763 |   |   |   | 17.2 |   |
| Total deposits             |   |   | $                      | 79,691 |   |   |   | 100.0 | % |   | $ | 68,252 |   |   |   | 100.0 | % |

----

|                            |   | Year Ended December 31, |   |
|---------------------------------|--------|-------------------------|--------|
|                            |   | 2010                    |   |   | 2009 |   |
|                            |   | Average                 |   |   | Interest |   |   | Average |   |   | Average |   |   | Interest |   |   | Average |   |
|                            |   |  Balance           |   |   | Expense |   |   | Rate Paid |   |   | Balance |   |   |  Expense |   |   |  Rate Paid |   |
|                            |   | (Dollars in Thousands)  |   |
| Passbook                        |   | $                       | 3,217  |   |   | $ | 18 |   |   |   | 0.56 | % |   | $ | 3,320 |   |   | $ | 30 |   |   |   | 0.90 | % |
| Statement savings accounts      |   |                    | 6,702  |   |   |   | 67 |   |   |   | 1.00 |   |   |   | 5,713 |   |   |   | 86 |   |   |   | 1.51 |   |
| eSavings accounts               |   |                    | 1,913  |   |   |   | 22 |   |   |   | 1.15 |   |   |   | 1,305 |   |   |   | 23 |   |   |   | 1.76 |   |
| Certificates of deposit         |   |                    | 63,313 |   |   |   | 1,578 |   |   |   | 2.49 |   |   |   | 56,297 |   |   |   | 1,994 |   |   |   | 3.54 |   |
| Total interest-bearing deposits |   |                    | 75,145 |   |   |   | 1,685 |   |   |   | 2.24 |   |   |   | 66,635 |   |   |   | 2,133 |   |   |   | 3.20 |   |
|   Total deposits      |   | $                       | 75,145 |   |   | $ | 1,685 |   |   |   | 2.24 | % |   | $ | 66,635 |   |   | $ | 2,133 |   |   |   | 3.20 | % |

|                                   |   | Year Ended December 31, |    |
|----------------------------------------|--------|-------------------------|---------|
|                                   |   | 2010                    |    |   | 2009 |   |
|                                   |   | (In Thousands)          |    |
| Total deposits                         |   | $                       | 30,695  |   |   | $ | 26,605 |   |
| Total withdrawals                      |   |                    | (20,941 | ) |   |   | (19,467 | ) |
| Interest credited                      |   |                    | 1,685   |   |   |   | 2,133 |   |
|   Total increase in deposits |   | $                       | 11,439  |   |   | $ | 9,271 |   |

|                              |                    |   |   |   |  Balance at December 31, 2010Maturing in the Twelve Months Ending December 31, |   |
|-----------------------------------|-------------------------|--------|--------|--------|-------------------------------------------------------------------------------------|--------|
|                              | Certificates of Deposit |   |   |   | 2011                                                                           |   |   |   | 2012  |   |   |   | 2013  |   |   |   | Thereafter  |   |   |   | Total |   |
|                              |                    |   |   |   |                                                                                |   |   |   |   |   |   |   | (In Thousands)  |   |   |   |   |   |   |   |   |   |
|                              | 0.00% - 0.99%           |   |   | $      | 4,228                                                                               |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | 4,228 |   |
|                              | 1.00% - 1.99%           |   |   |   | 22,128                                                                              |   |   |   | 5,531 |   |   |   | 174 |   |   |   | -- |   |   |   | 27,833 |   |
|                              | 2.00% - 2.99%           |   |   |   | 2,658                                                                               |   |   |   | 8,481 |   |   |   | 3,803 |   |   |   | 2,627 |   |   |   | 17,569 |   |
|                              | 3.00% - 3.99%           |   |   |   | 1,326                                                                               |   |   |   | 506 |   |   |   | 1,423 |   |   |   | 9,178 |   |   |   | 12,433 |   |
|                              | 4.00% - 4.99%           |   |   |   | 928                                                                                 |   |   |   | 1,232 |   |   |   | 3,077 |   |   |   | 13 |   |   |   | 5,250 |   |
|                              | 5.00% - 5.99%           |   |   |   | 203                                                                                 |   |   |   |  -- |   |   |   |  45 |   |   |   |  -- |   |   |   | 248 |   |
|   Total certificate accounts |                    | $      | 31,471 |   |                                                                                | $      | 15,750 |   |   | $ | 8,522 |   |   | $ | 11,818 |   |   | $ | 67,561 |   |

|   | Quarter Ending:                                                                                    |   | Amount                 |   |   | WeightedAverage Rate |   |
|--------|----------------------------------------------------------------------------------------------------|--------|------------------------|--------|--------|----------------------|--------|
|   |                                                                                               |   | (Dollars in Thousands) |   |
|   | March 31, 2011                                                                                     |   | $                      | 2,140  |   |                 |   | 1.76 | % |
|   | June 30, 2011                                                                                      |   |                   | 3,204  |   |                 |   | 1.72 |   |
|   | September 30, 2011                                                                                 |   |                   | 2,104  |   |                 |   | 1.71 |   |
|   | December 31, 2011                                                                                  |   |                   | 1,822  |   |                 |   | 1.43 |   |
|   | After December 31, 2011                                                                            |   |                   | 15,194 |   |                 |   | 2.87 |   |
|   |   Total certificates of deposit with    balances of $100,000 or more |   | $                      | 24,464 |   |                 |   | 2.42 | % |

----

|   |                                                          |   |  At or For the YearEnded December 31, |      |
|--------|---------------------------------------------------------------|--------|--------------------------------------------|-----------|
|   |                                                          |   | 2010                                       |      |   | 2009 |   |
|   |                                                          |   | (Dollars in Thousands)                     |      |
|   | FHLB advances:                                                |   |                                       |      |   |   |   |
|   | Average balance outstanding                                   |   | $                                          | 6,246     |   |   | $ | 7,838 |   |
|   | Maximum amount outstanding at any month-end during the period |   |                                       | 6,850     |   |   |   | 11,150 |   |
|   | Balance outstanding at end of period                          |   |                                       | 5,600     |   |   |   | 6,850 |   |
|   | Average interest rate during the period                       |   |                                       | 3.93      | % |   |   | 3.73 | % |
|   | Weighted average interest rate at end of period               |   |                                       | 3.95      | % |   |   | 3.85 | % |
|   |                                                          |   |                                       |      |   |   |   |   |   |
|   | Other borrowings:                                             |   |                                       |      |   |   |   |   |   |
|   | Average balance outstanding                                   |   | $                                          | 433       |   |   | $ | 226 |   |
|   | Maximum amount outstanding at any month-end during the period |   |                                       |  442 |   |   |   | 450 |   |
|   | Balance outstanding at end of period                          |   |                                       | 423       |   |   |   | 442 |   |
|   | Average interest rate during the period                       |   |                                       | 5.75      | % |   |   | 5.75 | % |
|   | Weighted average interest rate at end of period               |   |                                       | 5.75      | % |   |   | 5.75 | % |
|   |                                                          |   |                                       |      |   |   |   |   |   |

----

----

| ·   | A new independent consumer financial protection bureau will be established within the Federal Reserve Board, empowered to exercise broad regulatory, supervisory and enforcement authority with respect to both new and existing consumer financial protection laws. Smaller financial institutions, like Quaint Oak Bank, will be subject to the supervision and enforcement of their primary federal banking regulator with respect to the federal consumer financial protection laws. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Tier 1 capital treatment for “hybrid” capital items like trust preferred securities is eliminated subject to various grandfathering and transition rules. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The current prohibition on payment of interest on demand deposits was repealed, effective July 21, 2011. |
|--------------------|----------------------------------------------------------------------------------------------------------|

| ·   | Deposit insurance is permanently increased to $250,000 and unlimited deposit insurance for noninterest-bearing transaction accounts extended through the end of 2012. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The deposit insurance assessment base calculation will equal the depository institution’s total assets minus the sum of its average tangible equity during the assessment period. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The minimum reserve ratio of the Deposit Insurance Fund increased to 1.35 percent of estimated annual insured deposits or assessment base; however, the Federal Deposit Insurance Corporation is directed to “offset the effect” of the increased reserve ratio for insured depository institutions with total consolidated assets of less than $10 billion. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Authority over savings and loan holding companies will transfer to the Federal Reserve Board. |
|--------------------|-----------------------------------------------------------------------------------------------|

| ·   | Leverage capital requirements and risk based capital requirements applicable to depository institutions and bank holding companies will be extended to thrift holding companies. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | The Federal Deposit Insurance Act was amended to direct federal regulators to require depository institution holding companies to serve as a source of strength for their depository institution subsidiaries. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Securities and Exchange Commission is authorized to adopt rules requiring public companies to make their proxy materials available to shareholders for nomination of their own candidates for election to the board of directors. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Public companies will be required to provide their shareholders with a non-binding vote: (i) at least once every three years on the compensation paid to executive officers, and (ii) at least once every six years on whether they should have a “say on pay” vote every one, two or three years. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | A separate, non-binding shareholder vote will be required regarding golden parachutes for named executive officers when a shareholder vote takes place on mergers, acquisitions, dispositions or other transactions that would trigger the parachute payments. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Securities exchanges will be required to prohibit brokers from using their own discretion to vote shares not beneficially owned by them for certain “significant” matters, which include votes on the election of directors, executive compensation matters, and any other matter determined to be significant. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Stock exchanges will be prohibited from listing the securities of any issuer that does not have a policy providing for (i) disclosure of its policy on incentive compensation payable on the basis of financial information reportable under the securities laws, and (ii) the recovery from current or former executive officers, following an accounting restatement triggered by material noncompliance with securities law reporting requirements, of any incentive compensation paid erroneously during the three-year period preceding the date on which the restatement was required that exceeds the amount that would have been paid on the basis of the restated financial information. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Disclosure in annual proxy materials will be required concerning the relationship between the executive compensation paid and the financial performance of the issuer. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Item 402 of Regulation S-K will be amended to require companies to disclose the ratio of the Chief Executive Officer’s annual total compensation to the median annual total compensation of all other employees. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Smaller reporting companies are exempt from complying with the internal control auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | furnishing or performing management services for a subsidiary savings institution; |
|--------------------|------------------------------------------------------------------------------------|

| ·   | conducting an insurance agency or escrow business; |
|--------------------|----------------------------------------------------|

| ·   | holding, managing, or liquidating assets owned or acquired from a subsidiary savings institution; |
|--------------------|---------------------------------------------------------------------------------------------------|

| ·   | holding or managing properties used or occupied by a subsidiary savings institution; |
|--------------------|--------------------------------------------------------------------------------------|

| ·   | acting as trustee under a deed of trust; |
|--------------------|------------------------------------------|

| ·   | any other activity (i) that the Federal Reserve Board, by regulation, has determined to be permissible for bank holding companies under Section 4(c) of the Bank Holding Company Act of 1956, unless the Director of the Office of Thrift Supervision, by regulation, prohibits or limits any such activity for savings and loan holding companies, or (ii) in which multiple savings and loan holding companies were authorized by regulation to directly engage in on March 5, 1987; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | purchasing, holding, or disposing of stock acquired in connection with a qualified stock issuance if the purchase of such stock by such holding company is approved by the Director of the Office of Thrift Supervision; and  |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | any activity permissible for financial holding companies under section 4(k) of the Bank Holding Company Act. |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| ·   | lending, exchanging, transferring, investing for others, or safeguarding money or securities; |
|--------------------|-----------------------------------------------------------------------------------------------|

| ·   | insurance activities or providing and issuing annuities, and acting as principal, agent, or broker; |
|--------------------|-----------------------------------------------------------------------------------------------------|

| ·   | financial, investment, or economic advisory services; |
|--------------------|-------------------------------------------------------|

| ·   | issuing or selling instruments representing interests in pools of assets that a bank is permitted to hold directly; |
|--------------------|---------------------------------------------------------------------------------------------------------------------|

| ·   | underwriting, dealing in, or making a market in securities; |
|--------------------|-------------------------------------------------------------|

----

| ·   | activities previously determined by the Federal Reserve Board to be closely related to banking; |
|--------------------|-------------------------------------------------------------------------------------------------|

| ·   | activities that bank holding companies are permitted to engage in outside of the U.S.; and |
|--------------------|--------------------------------------------------------------------------------------------|

| ·   | portfolio investments made by an insurance company. |
|--------------------|-----------------------------------------------------|

| ·   | the institution may not engage in any new activity or make any new investment, directly or indirectly, unless such activity or investment is permissible for a national bank;  |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the branching powers of the institution shall be restricted to those of a national bank; and |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | payment of dividends by the institution shall be subject to the rules regarding payment of dividends by a national bank. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

----

----

| ·   | the creation of an independent accounting oversight board; |
|--------------------|------------------------------------------------------------|

| ·   | auditor independence provisions that restrict non-audit services that accountants may provide to their audit clients; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

| ·   | additional corporate governance and responsibility measures, including the requirement that the chief executive officer and chief financial officer certify financial statements; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a requirement that companies establish and maintain a system of internal control over financial reporting and that a company's management provide an annual report regarding its assessment of the effectiveness of such internal control over financial reporting.  (At December 31, 2010, management’s report was not subject to attestation by the Company’s registered public accounting firm based on  a permanent exemption pursuant to Title IX of the DODD-Frank Wall Street Reform and Consumer Protection Act of 2010 that permits the Company to provide only management’s report in this annual report); |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the forfeiture of bonuses or other incentive-based compensation and profits from the sale of an issuer's securities by directors and senior officers in the twelve month period following initial publication of any financial statements that later require restatement; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | an increase in the oversight of, and enhancement of certain requirements relating to audit committees of public companies and how they interact with the company's independent auditors; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the requirement that audit committee members must be independent and are absolutely barred from accepting consulting, advisory or other compensatory fees from the issuer; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the requirement that companies disclose whether at least one member of the committee is a "financial expert" (as such term is defined by the Securities and Exchange Commission) and if not, why not; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | expanded disclosure requirements for corporate insiders, including accelerated reporting of stock transactions by insiders and a prohibition on insider trading during pension blackout periods; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | a prohibition on personal loans to directors and officers, except certain loans made by insured financial institutions; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·   | disclosure of a code of ethics and the requirement of filing of a Form 8-K for a change or waiver of such code; |
|--------------------|-----------------------------------------------------------------------------------------------------------------|

| ·   | mandatory disclosure by analysts of potential conflicts of interest; and |
|--------------------|--------------------------------------------------------------------------|

| ·   | a range of enhanced penalties for fraud and other violations. |
|--------------------|---------------------------------------------------------------|

----

----

| Capital Category               |   | Total Risk-basedCapital |   | Tier 1 Risk-based Capital |   | Tier 1 Leverage Capital |
|--------------------------------|--------|-------------------------|--------|---------------------------|--------|-------------------------|
| Well capitalized               |   | 10% or more             |   | 6% or more                |   | 5% or more              |
| Adequately capitalized         |   | 8% or more              |   | 4% or more                |   | 4% or more              |
| Undercapitalized               |   | Less than 8%            |   | Less than 4%              |   | Less than 4%            |
| Significantly undercapitalized |   | Less than 6%            |   | Less than 3%              |   | Less than 3%            |

----

| ·   | acquiring or retaining a majority interest in a subsidiary; |
|--------------------|-------------------------------------------------------------|

| ·   | investing as a limited partner in a partnership the sole purpose of which is direct or indirect investment in the acquisition, rehabilitation or new construction of a qualified housing project, provided that such limited partnership investments may not exceed 2% of the bank's total assets; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | acquiring up to 10% of the voting stock of a company that solely provides or reinsures directors', trustees' and officers' liability insurance coverage or bankers' blanket bond group insurance coverage for insured depository institutions; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | acquiring or retaining the voting shares of a depository institution if certain requirements are met. |
|--------------------|-------------------------------------------------------------------------------------------------------|

----

| ·   | the total capital distributions for the applicable calendar year exceed the sum of the institution's net income for that year to date plus the institution's retained net income for the preceding two years; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the institution would not be at least adequately capitalized following the distribution; |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | the distribution would violate any applicable statute, regulation, agreement or Office of Thrift Supervision-imposed condition; or |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the institution is not eligible for expedited treatment of its filings with the Office of Thrift Supervision. |
|--------------------|---------------------------------------------------------------------------------------------------------------|

----

----

----

| Description/Address                               |   | Leased/Owned |   | Date of Lease Expiration                                                      |   | Net Book Value of Property                                                                                                  |   | Amount of Deposits                                                             |
|---------------------------------------------------|--------|--------------|--------|-------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|
|                                              |   |         |   |                                                                          |   |   (In Thousands)                                                                                                  |
| 607 Lakeside DriveSouthampton, Pennsylvania 18966 |   |  Leased |   |             --(1) |   |              $       -- |   |  $ 78,341                                                                 |
| 609 Lakeside DriveSouthampton, Pennsylvania 18966 |   |  Leased |   |  11/30/10(1)                                                             |   |   5                                                                                                               |   |     --                                                          |
| 1710 Union BoulevardAllentown, Pennsylvania 18019 |   |  Owned  |   |  NA                                                                      |   |  996                                                                                                                   |   |              1,350 |

| (1)   | Such lease is month to month, with 120 days' notice required for termination. |
|-----------------|-------------------------------------------------------------------------------|

----

| Quarter ended:                                                                                                                                                                                                                                                                                                                                                     |   | High   |   |   | Low    |   |   | Cash dividendsper share |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|-------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |                    |   |
| December 31, 2010                                                          |   | $      | 10.00  |   |   | $      | 8.25   |                    |   | $ | 0.030 |   |
| September 30, 2010                                                         |   | $      | 9.20   |   |   | $      | 8.25   |                    |   | $ | 0.030 |   |
| June 30, 2010                                                              |   | $      | 9.50   |   |   | $      | 9.05   |                    |   | $ | 0.030 |   |
| March 31, 2010                                                             |   | $      | 9.25   |   |   | $      | 8.50   |                    |   | $ | 0.030 |   |

| Quarter ended:                                                                                                                                                                                                                                                                                                                                                     |   | High   |   |   | Low    |   |   | Cash dividends per share |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |                     |   |
| December 31, 2009                                                          |   | $      | 8.60   |   |   | $      | 7.78   |                     |   | $ | 0.025 |   |
| September 30, 2009                                                         |   | $      | 8.65   |   |   | $      | 7.75   |                     |   | $ | 0.025 |   |
| June 30, 2009                                                              |   | $      | 8.65   |   |   | $      | 7.45   |                     |   | $ | 0.025 |   |
| March 31, 2009                                                             |   | $      | 8.00   |   |   | $      | 7.16   |                     |   | $ | 0.025 |   |

----

| Period                                              |   | Total Numberof SharesPurchased (1) |   | AveragePrice 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 (2)                                          |
|-----------------------------------------------------|--------|------------------------------------|--------|-----------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------|
| Month #1 October 1, 2010 – October 31, 2010   |   | --                                 |   | $               -- |   | --                                                                                    |   |                19,004                            |
| Month #2 November 1, 2010 – November 30, 2010 |   | 118,900                            |   | 9.95                                                                                          |   | 18,900                                                                                |   |                     104 |
| Month #3 December 1, 2010 – December 31, 2010 |   |     1,000      |   | 9.90                                                                                          |   |      1,000                                                        |   |                68,535                            |
| Total                                               |   | 119,900                            |   | $           9.95                            |   | 19,900                                                                                |   |                68,535                            |

| (1)   | Certain shares were acquired during the quarter as a result of privately negotiated transactions. |
|-----------------|---------------------------------------------------------------------------------------------------|

| (2)   | On March 11, 2010, the Company announced by press release its second repurchase program to repurchase up to an additional 69,431 shares, or approximately 5.5% of the Company's current outstanding shares of common stock as of March 11, 2010. On September 10, 2010, the Company announced by press release its third repurchase program to repurchase up to an additional 69,431 shares, or approximately 6.2% of the Company's current outstanding shares of common stock as of September 30, 2010. The Company commenced this third stock repurchase program upon the completion of its prior repurchase program on December 3, 2010. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | Maintain records that accurately reflect the Company’s transactions; |
|--------------------|----------------------------------------------------------------------------|

| ·   | Prepare financial statements and footnote disclosures in accordance with GAAP that can be relied upon by external users; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| ·   | Prevent and detect unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect of the financial statements. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Plan Category                                            |   | Number of securities to be issued upon exercise of outstanding options, warrantsand rights(a) |   | Weighted-averageexercise price of outstanding options,warrants and rights(b) |   | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))(c)                       |
|----------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Equity compensation plansapproved by security holders    |   | 133,539(1)                                                                                    |   | $10.00(1)                                                                              |   |                             43,752 |
| Equity compensation plansnot approved by securityholders |   |        --                                                  |   |     --                                                             |   |       --                                                                                                                                         |
| Total                                                    |   | 133,539                                                                                       |   |  $10.00                                                                           |   | 43,752                                                                                                                                                                         |

----

----

|   | Report of Independent Registered Public Accounting Firm                                        |
|--------|------------------------------------------------------------------------------------------------|
|   | Consolidated Balance Sheets as of December 31, 2010 and 2009                                   |
|   | Consolidated Statements of Income for the Years Ended December 31, 2010 and 2009               |
|   | Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2010 and 2009 |
|   | Consolidated Statements of Cash Flows for the Years Ended December 31, 2010 and 2009           |
|   | Notes to Consolidated Financial Statements                                                     |

| No.  |   | Exhibits                                                                                                                                                |   | Location       |
|------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|
| 3.1  |   | Articles of Incorporation of Quaint Oak Bancorp, Inc.                                                                                                   |   | (1)            |
| 3.2  |   | Bylaws of Quaint Oak Bancorp, Inc.                                                                                                                      |   | (1)            |
| 4.1  |   | Form of Stock Certificate of Quaint Oak Bancorp, Inc.                                                                                                   |   | (1)            |
| 10.1 |   | Amended and Retstated Employment Agreement by and between Robert T. Strong and Quaint Oak Bank *                                                        |   | (2)            |
| 10.2 |   | Quaint Oak Bancorp, Inc. 2008 Stock Option Plan*                                                                                                        |   | (3)            |
| 10.3 |   | Quaint Oak Bancorp, Inc. 2008 Recognition and Retention Plan and Trust Agreement*                                                                       |   | (3)            |
| 13.0 |   | Annual Report to Shareholders                                                                                                                           |   | Filed herewith |
| 22.0 |   | Subsidiaries of the Registrant – Reference is made to "Item 1. Business  - Subsidiaries" of this Form 10-K for the required information |   |  --       |
| 23.0 |   | Consent of ParenteBeard LLC                                                                                                                             |   | Filed herewith |
| 31.1 |   | Certification of Chief Executive Officer                                                                                                                |   | Filed herewith |
| 31.2 |   | Certification of Chief Financial Officer                                                                                                                |   | Filed herewith |
| 32.0 |   | Section 1350 Certification of the Chief Executive Officer and Chief Financial Officer                                                                   |   | Filed herewith |

|   | ____________________ |
|--------|----------------------|

|   | * | Denotes management compensation plan or arrangement. |
|--------|---|------------------------------------------------------|

|   | (1) | Incorporated by reference from the Company's Registration Statement on Form SB-2, filed on March 21, 2007, as amended, and declared effective on May 14, 2007 (File No. 333-141474). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Incorporated by reference from the Company’s Current Report on Form 8-K, filed on December 16, 2008 (File No. 0000-52694). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Incorporated by reference from the Company’s definitive proxy statement for the Annual Meeting of Shareholders held on May 14, 2008 (Commission File No. 000-52694) filed with the Commission on April 11, 2008. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Exhibits |
|-----|----------|

|   | The exhibits listed under (a)(3) of this Item 15 are filed herewith. |
|--------|----------------------------------------------------------------------|

| (c) | Reference is made to (a)(2) of this Item 15. |
|-----|----------------------------------------------|

----

| March 30, 2011 | By:    | /s/Robert T. Strong                   |   |
|----------------|--------|---------------------------------------|--------|
|           |   | Robert T. Strong                      |
|           |   | President and Chief Executive Officer |

|   Name                |   |   Title                                                                      |   |   Date           |
|---------------------------------|--------|----------------------------------------------------------------------------------------|--------|----------------------------|
|   /s/Robert T. Strong |   |   Director, President and Chief Executive Officer                            |   |   March 30, 2011 |
| Robert T. Strong                |   |                                                                                   |   |
|  /s/John J. Augustine      |   |  Director and Chief Financial Officer(principal financial and accounting officer) |   |  March 30, 2011       |
| John J. Augustine               |   |                                                                                   |   |
|  /s/Robert J. Phillips     |   |  Chairman                                                                         |   |  March 30, 2011  |
| Robert J. Phillips              |   |
|  /s/George M. Ager, Jr.    |   |  Director                                                                         |   |  March 30, 2011       |
| George M. Ager, Jr.             |   |
|  /s/James J. Clarke        |   |  Director                                                                         |   |  March 30, 2011       |
| James J. Clarke, Ph.D.          |   |
|  /s/Andrew E. DiPiero, Jr. |   |  Director                                                                    |   |  March 30, 2011       |
| Andrew E. DiPiero, Jr.          |   |
|  /s/Kenneth R. Gant        |   |  Director                                                                         |   |  March 30, 2011       |
| Kenneth R. Gant                 |   |
|  /s/Marsh B. Spink         |   |  Director                                                                         |   |  March 30, 2011       |
| Marsh B. Spink                  |   |
|                       |   |                                                                                   |   |                  |
|                            |   |