| MARYLAND                                                            | 20-4663714                           |
|---------------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of Incorporation or organization) | (I.R.S. Employer Identification No.) |

| Large accelerated filer [  ]                                             | Accelerated filer [  ] |
|------------------------------------------------------------------------------------|----------------------------------|
| Non-accelerated filer [  ] (Do not check if a smaller reporting company) | Smaller reporting company [X]    |

----

| PART I – FINANCIAL INFORMATION |
|--------------------------------------|
|                                 |   | Page |
| Item 1.                              | Financial Statements (Unaudited) |   |
|                                 | Consolidated Balance Sheets at March 31, 2011 and December 31, 2010 | 1 |
|                                 | Consolidated Statements of Operations for the Three Months Ended March 31, 2011, and 2010 | 2 |
|                                 | Consolidated Statements of Changes in Stockholders’ Equity | 3 |
|                                 | For the Three Months Ended March 31, 2011 and 2010 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2011 and 2010 | 4 |
|                                 | Notes to Unaudited Consolidated Financial Statements | 5 |
| Item 2.                              | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 14 |
| Item 3.                              | Quantitative and Qualitative Disclosures About Market Risk | 19 |
| Item 4T.                             | Controls and Procedures | 19 |
|                                 |   |   |
| PART II – OTHER INFORMATION    |
|                                 |   |   |
| Item 1.                              | Legal Procedures | 19 |
| Item 1A                              | Risk Factors | 19 |
| Item 2.                              | Unregistered Sales of Equity Securities and Use of Proceeds | 19 |
| Item 3                               | Defaults Upon Senior Securities | 19 |
| Item 4.                              | [Reserved] | 19 |
| Item 5.                              | Other Information | 19 |
| Item 6.                              | Exhibits | 20 |
|                                 | Signatures | 22 |

----

| ES BANCSHARES, INC                                                                                     |
|--------------------------------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION                                                         |
| (Dollars In thousands)                                                                                 |
|                                                                                                   |   |   |   |   |   |   |
|                                                                                                   |   | March 31, |   |   | December 31, |   |
|                                                                                                   |   | 2011 |   |   | 2010 |   |
| ASSETS                                                                                                 |   |   |   |   |   |   |
|                                                                                                   |   |   |   |   |   |   |
| Cash and cash equivalents:                                                                             |   |   |   |   |   |   |
|      Cash and due from banks                                                  |   | $ | 7,954 |   |   | $ | 13,027 |   |
|      Federal funds sold and other money market investments                    |   |   | 4,964 |   |   |   | 12 |   |
|           Total cash and cash equivalents            |   |   | 12,918 |   |   |   | 13,039 |   |
| Certificates of deposit at other financial institutions                                                |   |   | 1,910 |   |   |   | 2,110 |   |
|                                                                                                   |   |   |   |   |   |   |   |   |
| Securities available for sale, at fair value                                                           |   |   | 20,820 |   |   |   | 20,120 |   |
|                                                                                                   |   |   |   |   |   |   |   |   |
| Real estate mortgage loans held for sale                                                               |   |   | 266 |   |   |   | 400 |   |
|                                                                                                   |   |   |   |   |   |   |   |   |
| Loans receivable                                                                                       |   |   | 121,881 |   |   |   | 122,683 |   |
|      Deferred cost                                                            |   |   | 537 |   |   |   | 542 |   |
|      Allowance for loan losses                                                |   |   | (1,927 | ) |   |   | (2,017 | ) |
|           Total loans receivable, net                |   |   | 120,491 |   |   |   | 121,208 |   |
| Accrued interest receivable                                                                            |   |   | 631 |   |   |   | 608 |   |
| Federal Reserve Bank stock                                                                             |   |   | 392 |   |   |   | 392 |   |
| Federal Home Loan Bank stock                                                                           |   |   | 547 |   |   |   | 558 |   |
| Goodwill                                                                                               |   |   | 581 |   |   |   | 581 |   |
| Premises and equipment, net                                                                            |   |   | 476 |   |   |   | 485 |   |
| Prepaid FDIC Assessment                                                                                |   |   | 464 |   |   |   | 543 |   |
| Real estate owned                                                                                      |   |   | 315 |   |   |   | 325 |   |
| Other assets                                                                                           |   |   | 1,502 |   |   |   | 441 |   |
|           Total assets                               |   | $ | 161,313 |   |   | $ | 160,810 |   |
|                                                                                                   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                   |   |   |   |   |   |   |   |   |
|                                                                                                   |   |   |   |   |   |   |   |   |
| Liabilities:                                                                                           |   |   |   |   |   |   |   |   |
| Deposits:                                                                                              |   |   |   |   |   |   |   |   |
|      Non-interest bearing                                                     |   | $ | 19,356 |   |   | $ | 17,896 |   |
|      Interest bearing                                                         |   |   | 119,678 |   |   |   | 120,321 |   |
| Total deposits                                                                                         |   |   | 139,034 |   |   |   | 138,217 |   |
|                                                                                                   |   |   |   |   |   |   |   |   |
| Borrowed funds                                                                                         |   |   | 10,149 |   |   |   | 10,364 |   |
| Accrued interest payable                                                                               |   |   | 137 |   |   |   | 141 |   |
| Other liabilities                                                                                      |   |   | 1,200 |   |   |   | 1,310 |   |
|           Total liabilities                          |   |   | 150,520 |   |   |   | 150,032 |   |
|                                                                                                   |   |   |   |   |   |   |   |   |
| Commitments and contingencies (Note 7)                                                                 |   |   |   |   |   |   |   |   |
|                                                                                                   |   |   |   |   |   |   |   |   |
| Stockholders' equity                                                                                   |   |   |   |   |   |   |   |   |
| Capital stock (par value $0.01; 5,000,000 shares authorized;                                           |   |   |   |   |   |
|         2,269,070 shares issued at March 31, 2011              |   |   | 22 |   |   |   | 22 |   |
|         2,269,070 shares issued at December 31, 2010           |   |   |   |   |   |   |   |   |
|      Additional paid-in-capital                                               |   |   | 19,752 |   |   |   | 19,761 |   |
|      Accumulated deficit                                                      |   |   | (9,190 | ) |   |   | (9,228 | ) |
|      Accumulated other comprehensive income                                   |   |   | 209 |   |   |   | 223 |   |
|           Total stockholders' equity                 |   |   | 10,793 |   |   |   | 10,778 |   |
|           Total liabilities and stockholders' equity |   | $ | 161,313 |   |   | $ | 160,810 |   |
|                                                                                                   |   |   |   |   |   |   |   |   |
| See accompanying notes to financial statements                                                         |

----

| CONSOLIDATED STATEMENTS OF OPERATIONS                                                         |
|-----------------------------------------------------------------------------------------------|
| FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010                                            |
| (Unaudited)                                                                                   |
| (In thousands, except per share data)                                                         |
|                                                                                          |   |   |   |   |   |   |
|                                                                                          |   | For the Three Months |   |
|                                                                                          |   | Ended March 31, |   |
|                                                                                          |   | 2011 |   |   | 2010 |   |
|                                                                                          |   |   |   |   |   |   |
| Interest and dividend income:                                                                 |   |   |   |   |   |   |
|    Loans                                                                       |   | $ | 1,688 |   |   | $ | 1,564 |   |
|    Securities                                                                  |   |   | 176 |   |   |   | 331 |   |
|    Certificates of deposit                                                     |   |   | 12 |   |   |   | 17 |   |
|    Fed Funds and other earning assets                                          |   |   | 19 |   |   |   | 25 |   |
|      Total interest and dividend income                              |   |   | 1,895 |   |   |   | 1,937 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Interest expense:                                                                             |   |   |   |   |   |   |   |   |
|    Deposits                                                                    |   |   | 530 |   |   |   | 642 |   |
|    Borrowed funds                                                              |   |   | 98 |   |   |   | 96 |   |
|      Total interest expense                                          |   |   | 628 |   |   |   | 738 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
|        Net interest income                                 |   |   | 1,267 |   |   |   | 1,199 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Provision for loan losses                                                                     |   |   | 10 |   |   |   | 59 |   |
|        Net interest income after provision for loan losses |   |   | 1,257 |   |   |   | 1,140 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Non-interest income:                                                                          |   |   |   |   |   |   |   |   |
|    Service charges and fees                                                    |   |   | 154 |   |   |   | 105 |   |
|    Net gain on sales of real estate mortgage                                   |   |   |   |   |   |   |   |   |
|      loans held for sale                                             |   |   | 62 |   |   |   | 35 |   |
|    Other                                                                       |   |   | 21 |   |   |   | 25 |   |
|      Total non-interest income                                       |   |   | 237 |   |   |   | 165 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Non-interest expense:                                                                         |   |   |   |   |   |   |   |   |
|    Compensation and benefits                                                   |   |   | 665 |   |   |   | 582 |   |
|    Occupancy and equipment                                                     |   |   | 183 |   |   |   | 190 |   |
|    Data processing service fees                                                |   |   | 97 |   |   |   | 73 |   |
|    Other                                                                       |   |   | 501 |   |   |   | 404 |   |
|      Total non-interest expense                                      |   |   | 1,446 |   |   |   | 1,249 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
|        Net income before income taxes                      |   |   | 48 |   |   |   | 56 |   |
| Income tax expense                                                                            |   |   | 10 |   |   |   | - |   |
|        Net income                                          |   | $ | 38 |   |   | $ | 56 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Other comprehensive income (loss):                                                            |   |   |   |   |   |   |   |   |
|    Net unrealized gain/(loss) on available-for-sale securities                 |   |   | (14 | ) |   |   | 183 |   |
| Comprehensive income                                                                          |   | $ | 24 |   |   | $ | 239 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Weighted average:                                                                             |   |   |   |   |   |   |   |   |
|        Common shares                                       |   |   | 2,269,070 |   |   |   | 2,071,070 |   |
| Earnings (Loss) per common share:                                                             |   |   |   |   |   |   |   |   |
|        Basic                                               |   | $ | 0.02 |   |   | $ | 0.03 |   |
|        Basic & diluted                                 |   | $ | 0.02 |   |   | $ | 0.03 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| See accompanying notes to financial statements                                                |

----

| ES BANCSHARES, INC.                                             |   |
|-----------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY      |   |
| FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010              |   |
| (In thousands of dollars except, share data)                    |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |
|                                                            |   |   |   |   | Additional |   |   |   |   |   | Other |   |   |   |   |
|                                                            |   | Capital Stock |   |   | Paid-In |   |   | Accumulated |   |   | Comprehensive |   |   |   |   |
|                                                            |   | Shares |   |   | Amount |   |   | Capital |   |   | Deficit |   |   | Income |   |   | Total |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2010                                      |   |   | 2,071,070 |   |   | $ | 20 |   |   | $ | 18,970 |   |   | $ | (9,716 | ) |   | $ | 207 |   |   | $ | 9,481 |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Comprehensive income:                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Net loss for the period           |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 56 |   |   |   | - |   |   |   | 56 |   |
|      Net unrealized gain on available- |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        for-sale securities   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 183 |   |   |   | 183 |   |
| Total comprehensive income                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 239 |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010                                       |   |   | 2,071,070 |   |   | $ | 20 |   |   | $ | 18,970 |   |   | $ | (9,660 | ) |   | $ | 390 |   |   | $ | 9,720 |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2011                                      |   |   | 2,269,070 |   |   | $ | 22 |   |   | $ | 19,761 |   |   | $ | (9,228 | ) |   | $ | 223 |   |   | $ | 10,778 |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Stock based compensation, net                 |   |   | - |   |   |   | - |   |   |   | (9 | ) |   |   | - |   |   |   | - |   |   |   | (9 | ) |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Comprehensive income:                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Net income for the period         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 38 |   |   |   | - |   |   |   | 38 |   |
|      Net unrealized gain on available- |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        for-sale securities   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (14 | ) |   |   | (14 | ) |
| Total comprehensive income                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 24 |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at March 31, 2011                                       |   |   | 2,269,070 |   |   | $ | 22 |   |   | $ | 19,752 |   |   | $ | (9,190 | ) |   | $ | 209 |   |   | $ | 10,793 |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to financial statements                  |

----

| ES BANCSHARES INC.                                                                                |
|---------------------------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                             |
| FOR THE THREE MONTHS ENDED MARCH 31,                                                              |
| (Dollars in thousands)                                                                            |
|                                                                                              |   |   |   |   |   |   |
|                                                                                              |   | 2011 |   |   | 2010 |   |
|                                                                                              |   |   |   |   |   |   |
| Cash flows from operating activities:                                                             |   |   |   |   |   |   |
|   Net income for period                                                                 |   | $ | 38 |   |   | $ | 56 |   |
|   Adjustments to reconcile net income to net cash                                       |   |   |   |   |   |   |   |   |
|     provided by operating activities:                                         |   |   |   |   |   |   |   |   |
|     Provision for loan losses                                                 |   |   | 10 |   |   |   | 59 |   |
|     Depreciation expense                                                      |   |   | 53 |   |   |   | 68 |   |
|     Amortization (accretion) of deferred fees, discounts and premiums, net    |   |   | 43 |   |   |   | (33 | ) |
|     Mortgage loans originated for sale                                        |   |   | (4,049 | ) |   |   | (2,176 | ) |
|     Proceeds from sale of mortgage loans held for sale                        |   |   | 4,245 |   |   |   | 1,552 |   |
|     Net gain on sales of mortgage loans                                       |   |   | (62 | ) |   |   | (35 | ) |
|     Stock based compensation expense                                          |   |   | (9 | ) |   |   | - |   |
|     Net gain on sales of investment securities                                |   |   | - |   |   |   | - |   |
|     Loss on impairment of foreclosed asset                                    |   |   | 10 |   |   |   | - |   |
|     Changes in assets and liabilities:                                        |   |   |   |   |   |   |   |   |
|       Increase (decrease) in other assets                           |   |   | (1,005 | ) |   |   | (33 | ) |
|       (Decrease) increase in accrued expenses and other liabilities |   |   | (94 | ) |   |   | (204 | ) |
|         Net cash used in operating activities             |   |   | (820 | ) |   |   | (746 | ) |
| Cash flows from investing activities:                                                             |   |   |   |   |   |   |   |   |
|   Maturity of certificates of deposit at other financial institutions                   |   |   | 200 |   |   |   | 480 |   |
|   Purchase of certificates of deposit at other financial institutions                   |   |   | - |   |   |   | - |   |
|   Purchase of available-for-sale securities                                             |   |   | (1,997 | ) |   |   | (4,435 | ) |
|   Purchase of held-to-maturity securities                                               |   |   | - |   |   |   | - |   |
|   Proceeds from sales of available-for-sale securities                                  |   |   | - |   |   |   | - |   |
|   Proceeds from principal payments and maturities of securities                         |   |   | 1,224 |   |   |   | 2,160 |   |
|   Net disbursements (repayments) for loan originations                                  |   |   | 1,243 |   |   |   | (5,072 | ) |
|   Purchases of loans                                                                    |   |   | (540 | ) |   |   | - |   |
|   Redemption/ (purchase) of Federal Home Loan Bank stock                                |   |   | 11 |   |   |   | 11 |   |
|   Purchase of Federal Reserve Bank stock                                                |   |   | - |   |   |   | (31 | ) |
|   Leasehold improvements and acquisitions of capital assets, net of disposals           |   |   | (44 | ) |   |   | (6 | ) |
|         Net cash used in investing activities             |   |   | 97 |   |   |   | (6,893 | ) |
| Cash flows from financing activities:                                                             |   |   |   |   |   |   |   |   |
|   Net increase in deposits                                                              |   |   | 817 |   |   |   | 5,645 |   |
|   Proceeds of advances from line of credit & FHLB                                   |   |   | 36 |   |   |   | 1,100 |   |
|   Repayment of advances                                                                 |   |   | (251 | ) |   |   | (243 | ) |
|   Net proceeds from common stock issuance                                               |   |   | - |   |   |   | - |   |
|         Net cash provided by financing activities         |   |   | 602 |   |   |   | 6,502 |   |
|                                                                                              |   |   |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                         |   |   | (121 | ) |   |   | (1,137 | ) |
| Cash and cash equivalents at beginning of period                                                  |   |   | 13,039 |   |   |   | 14,785 |   |
|                                                                                              |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                        |   | $ | 12,918 |   |   | $ | 13,648 |   |
|                                                                                              |   |   |   |   |   |   |   |   |
| Supplemental cash flow information                                                                |   |   |   |   |   |   |   |   |
|   Interest paid                                                                         |   | $ | 632 |   |   | $ | 947 |   |
|   Income taxes paid                                                                     |   | $ | 53 |   |   | $ | - |   |
|                                                                                              |   |   |   |   |   |   |   |   |
| See accompanying notes to financial statements.                                                   |

----

----

|                                                                          |   | Three Months Ended |      |
|-------------------------------------------------------------------------------|--------|--------------------|-----------|
|                                                                          |   | March 31,          |      |
| (in thousands, except per share data)                                         |   | 2011               |      |   | 2010 |   |
| Net income attributable to Common Shareholders                                |   | $                  | 38        |   |   | $ | 56 |   |
| Average number of Common Shares Outstanding-basic                             |   |               | 2,269,070 |   |   |   | 2,071,070 |   |
|                                                                          |   |               |      |   |   |   |   |   |
| Average number of common shares outstanding-diluted                           |   |               | 2,269,070 |   |   |   | 2,071,070 |   |
| Income per common share attributable                                          |   |               |      |   |   |   |   |   |
|          to common shareholders: |   |               |      |   |   |   |   |   |
|   Basic                                                             |   | $                  | 0.02      |   |   | $ | 0.03 |   |
|   Diluted                                                           |   |               | 0.02      |   |   |   | 0.03 |   |

----

----

|                                   |   | March 31, 2011 |   |
|----------------------------------------|--------|----------------|--------|
|                                   |   |           |   |   | (in thousands) |   |   |   |   |
|                                   |   |           |   |   |   |   |   |   |   |   |   |   |
|                                   |   | Amortized      |   |   | Gross Unrealized |   |   | Fair |   |
|                                   |   | Cost           |   |   | Gains |   |   | Losses |   |   | Value |   |
|                                   |   |           |   |   |   |   |   |   |   |   |   |   |
| Mortgage-backed securities-residential |   | $              | 18,572 |   |   | $ | 252 |   |   | $ | (2 | ) |   | $ | 18,822 |   |
| U.S. Government Agencies               |   |           | 600    |   |   |   | 10 |   |   |   | -- |   |   |   | 610 |   |
| Trust Preferred Securities             |   |           | 1,300  |   |   |   | 88 |   |   |   | -- |   |   |   | 1,388 |   |
| Total                                  |   | $              | 20,472 |   |   | $ | 350 |   |   | $ | (2 | ) |   | $ | 20,820 |   |

|                                   |   | December 31, 2010 |   |
|----------------------------------------|--------|-------------------|--------|
|                                   |   |              |   |   | (in thousands) |   |   |   |   |
|                                   |   |              |   |   |   |   |   |   |   |   |   |   |
|                                   |   | Amortized         |   |   | Gross Unrealized |   |   | Fair |   |
|                                   |   | Cost              |   |   | Gains |   |   | Losses |   |   | Value |   |
|                                   |   |              |   |   |   |   |   |   |   |   |   |   |
| Mortgage-backed securities-residential |   | $                 | 17,838 |   |   | $ | 290 |   |   | $ | -- |   |   | $ | 18,128 |   |
| U.S. Government Agencies               |   |              | 600    |   |   |   | 14 |   |   |   | -- |   |   |   | 614 |   |
| Trust Preferred Securities             |   |              | 1,300  |   |   |   | 78 |   |   |   | -- |   |   |   | 1,378 |   |
| Total                                  |   | $                 | 19,738 |   |   | $ | 382 |   |   | $ | -- |   |   | $ | 20,120 |   |

----

|                                                                    |   |           |   |
|-------------------------------------------------------------------------|--------|----------------|--------|
|                                                                    |   | March 31, 2011 |   |
|                                                                    |   | (in thousands) |   |
|                                                                    |   |           |   |   |   |   |
|                                                                    |   | Amortized      |   |   | Fair |   |
|                                                                    |   | Cost           |   |   | Value |   |
| Available-for-Sale:                                                     |   |           |   |   |   |   |
| Mortgaged-backed securities                                             |   | $              | 18,572 |   |   | $ | 18,822 |   |
| U.S. Government Agencies and Trust Preferred Securities                 |   |           |   |   |   |   |   |   |
|       Due less than one year              |   |           | 600    |   |   |   | 610 |   |
|       One year to less than three years   |   |           | --     |   |   |   | -- |   |
|       Three years to less than five years |   |           | --     |   |   |   | -- |   |
|       Five years to ten years             |   |           | --     |   |   |   | -- |   |
|       More than ten years                 |   |           | 1,300  |   |   |   | 1,388 |   |
| Total                                                                   |   | $              | 20,472 |   |   | $ | 20,820 |   |

|                                                     |   |                |   |   | March 31, 2011    |   |   |   |   |   |       |   |
|----------------------------------------------------------|--------|---------------------|--------|--------|-------------------|--------|--------|--------|--------|--------|------------|--------|
|                                                     |   |                |   |   |              |   |   |   |   |   |       |   |   |   |   |   |   |   |
|                                                     |   | Less Than 12 Months |   |   | 12 Months or More |   |   | Total  |   |
|                                                     |   | Fair                |   |   | Unrealized        |   |   | Fair   |   |   | Unrealized |   |   | Fair |   |   | Unrealized |   |
|                                                     |   | Value               |   |   | Loss              |   |   | Value  |   |   | Loss       |   |   | Value |   |   | Loss |   |
|                                                     |   | (In thousands)      |   |
|                                                     |   |                |   |   |              |   |   |   |   |   |       |   |   |   |   |   |   |   |
| Mortgage-backed securities                               |   | $                   | 1,005  |   |              | $      | 2      |   |   | $      | -          |   |   | $ | - |   |   | $ | 1,005 |   |   | $ | 2 |   |
| U.S. Government Agencies                                 |   |                | -      |   |              |   | -      |   |   |   | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Trust Preferred Securities                               |   |                | -      |   |              |   | -      |   |   |   | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |
|      Total temporarily impaired |   | $                   | 1,005  |   |              | $      | 2      |   |   | $      | -          |   |   | $ | - |   |   | $ | 1,005 |   |   | $ | 2 |   |

----

|                                            |   | March 31,      |    |   | December 31, |   |
|-------------------------------------------------|--------|----------------|---------|--------|--------------|--------|
|                                            |   | 2011           |    |   | 2010         |   |
|                                            |   | (In thousands) |    |
| Real estate loans:                              |   |           |    |   |         |   |
| One-to four family                              |   | $              | 28,657  |   |         | $      | 28,037 |   |
| Commercial                                      |   |           |    |   |         |   |   |   |
| Owner Occupied                                  |   |           | 19,838  |   |         |   | 20,039 |   |
| Non Owner Occupied                              |   |           | 15,185  |   |         |   | 15,552 |   |
| Multi-family                                    |   |           | 11,617  |   |         |   | 11,634 |   |
| Construction or development                     |   |           | 2,566   |   |         |   | 2,566 |   |
| Home equity                                     |   |           |    |   |         |   |   |   |
| Open Ended/Revolving                            |   |           | 7,764   |   |         |   | 7,468 |   |
| Closed Ended                                    |   |           | 1,574   |   |         |   | 1,620 |   |
|     Total real estate loans |   |           | 87,201  |   |         |   | 86,916 |   |
|                                            |   |           |    |   |         |   |   |   |
| Other loans:                                    |   |           |    |   |         |   |   |   |
| Commercial business                             |   |           |    |   |         |   |   |   |
| Taxi Medallion                                  |   |           | 8,496   |   |         |   | 9,679 |   |
| USDA Guaranteed                                 |   |           | 5,566   |   |         |   | 5,110 |   |
| Commercial Lines of Credit and Term Loans       |   |           | 20,232  |   |         |   | 20,571 |   |
| Consumer                                        |   |           | 386     |   |         |   | 407 |   |
|    Total other loans             |   |           | 34,680  |   |         |   | 35,767 |   |
|                                            |   |           |    |   |         |   |   |   |
| Total loans                                     |   |           | 121,881 |   |         |   | 122,683 |   |
|                                            |   |           |    |   |         |   |   |   |
| Deferred loan costs net                         |   |           | 537     |   |         |   | 542 |   |
| Allowance for loan losses                       |   |           | (1,927  | )      |         |   | (2,017 | ) |
|                                            |   |           |    |   |         |   |   |   |
| Total loans receivable, net                     |   | $              | 120,491 |   |         | $      | 121,208 |   |

----

|                                            |   | Average of Individually Impaired Loans During Period |   |   | Interest Income Recognized During Impairment |   |   | Cash-Basis Interest Income Recognized |   |
|-------------------------------------------------|--------|------------------------------------------------------|--------|--------|----------------------------------------------|--------|--------|---------------------------------------|--------|
| Real estate loans:                              |   |                                                 |   |   |                                         |   |   |                                  |   |
| One-to four family                              |   | $                                                    | -      |   |                                         | $      | -      |                                  |   | $ | - |   |
| Commercial                                      |   |                                                 |   |   |                                         |   |   |                                  |   |   |   |   |
| Owner Occupied                                  |   |                                                 | -      |   |                                         |   | -      |                                  |   |   | - |   |
| Non Owner Occupied                              |   |                                                 | 1,819  |   |                                         |   | -      |                                  |   |   | - |   |
| Multi-family                                    |   |                                                 | 1,067  |   |                                         |   | -      |                                  |   |   | - |   |
| Construction or development                     |   |                                                 | 775    |   |                                         |   | -      |                                  |   |   | - |   |
| Home equity                                     |   |                                                 |   |   |                                         |   |   |                                  |   |   |   |   |
| Open Ended/Revolving                            |   |                                                 | 50     |   |                                         |   | -      |                                  |   |   | - |   |
| Closed Ended                                    |   |                                                 | -      |   |                                         |   | -      |                                  |   |   | - |   |
|     Total real estate loans |   |                                                 | 3,711  |   |                                         |   | -      |                                  |   |   | - |   |
| Other loans:                                    |   |                                                 |   |   |                                         |   |   |                                  |   |   |   |   |
| Commercial business                             |   |                                                 |   |   |                                         |   |   |                                  |   |   |   |   |
| Taxi Medallion                                  |   |                                                 | -      |   |                                         |   | -      |                                  |   |   | - |   |
| USDA Guaranteed                                 |   |                                                 | -      |   |                                         |   | -      |                                  |   |   | - |   |
| All Other                                       |   |                                                 | 476    |   |                                         |   | -      |                                  |   |   | - |   |
| Consumer                                        |   |                                                 | -      |   |                                         |   | -      |                                  |   |   | - |   |
|    Total other loans             |   |                                                 | 476    |   |                                         |   | -      |                                  |   |   | - |   |
|                                            |   |                                                 |   |   |                                         |   |   |                                  |   |   |   |   |
| Total loans                                     |   | $                                                    | 4,187  |   |                                         | $      | -      |                                  |   | $ | - |   |

|                                                  |   | Quarter End |   |
|-------------------------------------------------------|--------|-------------|--------|
|                                                  |   | March 31,   |   |
|                                                  |   | 2010        |   |
| Average of individually impaired loans during quarter |   |        | 4,624  |   |
| Interest income recognized during impairment          |   |        | 1      |   |
| Cash-basis interest income recognized                 |   |        | -      |   |

----

| March 31, 2011                                  |   |
|-------------------------------------------------|--------|
|                                            |   | Unpaid Principal Balance |   |   | Recorded Investment |   |   | Allowance For Loan Losses Allocated |   |
|                                            |   | (In thousands) |   |
| With no related allowance recorded:             |   |   |   |   |   |   |   |   |   |
| Real estate loans:                              |   |   |   |   |   |   |   |   |   |
| One-to four family                              |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Commercial                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Owner Occupied                                  |   |   | 522 |   |   |   | 522 |   |   |   | - |   |
| Non Owner Occupied                              |   |   | 1,131 |   |   |   | 1,131 |   |   |   | - |   |
| Multi-family                                    |   |   | 1,067 |   |   |   | 1,067 |   |   |   | - |   |
| Construction or development                     |   |   | 816 |   |   |   | 775 |   |   |   | - |   |
| Home equity                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Ended/Revolving                            |   |   | 75 |   |   |   | 41 |   |   |   | - |   |
| Closed Ended                                    |   |   | - |   |   |   | - |   |   |   | - |   |
|     Total real estate loans |   |   | 3,611 |   |   |   | 3,536 |   |   |   | - |   |
| Other loans:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxi Medallion                                  |   |   | - |   |   |   | - |   |   |   | - |   |
| USDA Guaranteed                                 |   |   | - |   |   |   | - |   |   |   | - |   |
| All Other                                       |   |   | 664 |   |   |   | 503 |   |   |   | - |   |
| Consumer                                        |   |   | - |   |   |   | - |   |   |   | - |   |
|    Total other loans             |   |   | 664 |   |   |   | 503 |   |   |   | - |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Total loans                                     |   | $ | 4,275 |   |   | $ | 4,039 |   |   | $ | - |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| With an allowance recorded:                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Real estate loans:                              |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to four family                              |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Commercial                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Owner Occupied                                  |   |   | - |   |   |   | - |   |   |   | - |   |
| Non Owner Occupied                              |   |   | 685 |   |   |   | 685 |   |   |   | 18 |   |
| Multi-family                                    |   |   | - |   |   |   | - |   |   |   | - |   |
| Construction or development                     |   |   | - |   |   |   | - |   |   |   | - |   |
| Home equity                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Ended/Revolving                            |   |   | - |   |   |   | - |   |   |   | - |   |
| Closed Ended                                    |   |   | - |   |   |   | - |   |   |   | - |   |
|     Total real estate loans |   |   | 685 |   |   |   | 685 |   |   |   | 18 |   |
| Other loans:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxi Medallion                                  |   |   | - |   |   |   | - |   |   |   | - |   |
| USDA Guaranteed                                 |   |   | - |   |   |   | - |   |   |   | - |   |
| All Other                                       |   |   | - |   |   |   | - |   |   |   | - |   |
| Consumer                                        |   |   | - |   |   |   | - |   |   |   | - |   |
|    Total other loans             |   |   | - |   |   |   | - |   |   |   | - |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Total loans                                     |   | $ | 685 |   |   | $ | 685 |   |   | $ | 18 |   |

----

| December 31, 2010                               |   |
|-------------------------------------------------|--------|
|                                            |   |
|                                            |   | Unpaid Principal Balance |   |   | Recorded Investment |   |   | Allowance For Loan Losses Allocated |   |
|                                            |   | (In thousands) |   |
| With no related allowance recorded:             |   |   |   |   |   |   |   |   |   |
| Real estate loans:                              |   |   |   |   |   |   |   |   |   |
| One-to four family                              |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Commercial                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Owner Occupied                                  |   |   | - |   |   |   | - |   |   |   | - |   |
| Non Owner Occupied                              |   |   | 1,826 |   |   |   | 1,826 |   |   |   | - |   |
| Multi-family                                    |   |   | 1,068 |   |   |   | 1,068 |   |   |   | - |   |
| Construction or development                     |   |   | 816 |   |   |   | 775 |   |   |   | - |   |
| Home equity                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Ended/Revolving                            |   |   | - |   |   |   | - |   |   |   | - |   |
| Closed Ended                                    |   |   | - |   |   |   | - |   |   |   | - |   |
|     Total real estate loans |   |   | 3,710 |   |   |   | 3,669 |   |   |   | - |   |
| Other loans:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxi Medallion                                  |   |   | - |   |   |   | - |   |   |   | - |   |
| USDA Guaranteed                                 |   |   | - |   |   |   | - |   |   |   | - |   |
| All Other                                       |   |   | 668 |   |   |   | 594 |   |   |   | - |   |
| Consumer                                        |   |   | - |   |   |   | - |   |   |   | - |   |
|    Total other loans             |   |   | 668 |   |   |   | 594 |   |   |   | - |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Total loans                                     |   | $ | 4,378 |   |   | $ | 4,263 |   |   | $ | - |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| With an allowance recorded:                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Real estate loans:                              |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to four family                              |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Commercial                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Owner Occupied                                  |   |   | - |   |   |   | - |   |   |   | - |   |
| Non Owner Occupied                              |   |   | - |   |   |   | - |   |   |   | - |   |
| Multi-family                                    |   |   | - |   |   |   | - |   |   |   | - |   |
| Construction or development                     |   |   | - |   |   |   | - |   |   |   | - |   |
| Home equity                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Ended/Revolving                            |   |   | 75 |   |   |   | 55 |   |   |   | 3 |   |
| Closed Ended                                    |   |   | - |   |   |   | - |   |   |   | - |   |
|     Total real estate loans |   |   | 75 |   |   |   | 55 |   |   |   | 3 |   |
| Other loans:                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxi Medallion                                  |   |   | - |   |   |   | - |   |   |   | - |   |
| USDA Guaranteed                                 |   |   | - |   |   |   | - |   |   |   | - |   |
| All Other                                       |   |   | 138 |   |   |   | 138 |   |   |   | 42 |   |
| Consumer                                        |   |   | - |   |   |   | - |   |   |   | - |   |
|    Total other loans             |   |   | 138 |   |   |   | 138 |   |   |   | 42 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Total loans                                     |   | $ | 213 |   |   | $ | 193 |   |   | $ | 45 |   |

----

| At March 31, 2011                               |   |
|-------------------------------------------------|--------|
|                                            |   |
|                                            |   | 30 - 59 Days Past Due |   |   | 60 - 89 Days Past Due |   |   | Loans Past Due Over 90 Days Still Accruing |   |   | Non Accrual |   |   | Total Past Due |   |   | Loans Not Past Due |   |   | Total |   |
|                                            |   | (In thousands) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Real estate loans:                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to four family                              |   | $ | 1,046 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 1,046 |   |   | $ | 27,611 |   |   | $ | 28,657 |   |
| Commercial                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Owner Occupied                                  |   |   | 1,238 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,238 |   |   |   | 18,600 |   |   |   | 19,838 |   |
| Non Owner Occupied                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,164 |   |   |   | 1,164 |   |   |   | 14,021 |   |   |   | 15,185 |   |
| Multi-family                                    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11,617 |   |   |   | 11,617 |   |
| Construction or development                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 775 |   |   |   | 775 |   |   |   | 1,791 |   |   |   | 2,566 |   |
| Home equity                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Ended/Revolving                            |   |   | 200 |   |   |   | - |   |   |   | - |   |   |   | 41 |   |   |   | 241 |   |   |   | 7,523 |   |   |   | 7,764 |   |
| Closed Ended                                    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,574 |   |   |   | 1,574 |   |
|     Total real estate loans |   |   | 2,484 |   |   |   | - |   |   |   | - |   |   |   | 1,980 |   |   |   | 4,464 |   |   |   | 82,737 |   |   |   | 87,201 |   |
| Other loans:                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxi Medallion                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8,496 |   |   |   | 8,496 |   |
| USDA Guaranteed                                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,566 |   |   |   | 5,566 |   |
| All Other                                       |   |   | 272 |   |   |   | - |   |   |   | - |   |   |   | 418 |   |   |   | 690 |   |   |   | 19,542 |   |   |   | 20,232 |   |
| Consumer                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 386 |   |   |   | 386 |   |
|    Total other loans             |   |   | 272 |   |   |   | - |   |   |   | - |   |   |   | 418 |   |   |   | 690 |   |   |   | 33,990 |   |   |   | 34,680 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total loans                                     |   | $ | 2,756 |   |   | $ | - |   |   | $ | - |   |   | $ | 2,398 |   |   | $ | 5,154 |   |   | $ | 116,727 |   |   | $ | 121,881 |   |

----

| At December 31, 2010                            |   |
|-------------------------------------------------|--------|
|                                            |   |
|                                            |   | 30 - 59 Days Past Due |   |   | 60 - 89 Days Past Due |   |   | Loans Past Due Over 90 Days Still Accruing |   |   | Non Accrual |   |   | Total Past Due |   |   | Loans Not Past Due |   |   | Total |   |
|                                            |   | (In thousands) |   |
| Real estate loans:                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to four family                              |   | $ | 584 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 584 |   |   | $ | 27,453 |   |   | $ | 28,037 |   |
| Commercial                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Owner Occupied                                  |   |   | 817 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 817 |   |   |   | 19,222 |   |   |   | 20,039 |   |
| Non Owner Occupied                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,174 |   |   |   | 1,174 |   |   |   | 14,378 |   |   |   | 15,552 |   |
| Multi-family                                    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11,634 |   |   |   | 11,634 |   |
| Construction or development                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 775 |   |   |   | 775 |   |   |   | 1,791 |   |   |   | 2,566 |   |
| Home equity                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Ended/Revolving                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 55 |   |   |   | 55 |   |   |   | 7,413 |   |   |   | 7,468 |   |
| Closed Ended                                    |   |   | 278 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 278 |   |   |   | 1,342 |   |   |   | 1,620 |   |
|     Total real estate loans |   |   | 1,679 |   |   |   | - |   |   |   | - |   |   |   | 2,004 |   |   |   | 3,683 |   |   |   | 83,233 |   |   |   | 86,916 |   |
| Other loans:                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxi Medallion                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 9,679 |   |   |   | 9,679 |   |
| USDA Guaranteed                                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,110 |   |   |   | 5,110 |   |
| All Other                                       |   |   | 276 |   |   |   | - |   |   |   | - |   |   |   | 505 |   |   |   | 781 |   |   |   | 19,790 |   |   |   | 20,571 |   |
| Consumer                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 407 |   |   |   | 407 |   |
|    Total other loans             |   |   | 276 |   |   |   | - |   |   |   | - |   |   |   | 505 |   |   |   | 781 |   |   |   | 34,986 |   |   |   | 35,767 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total loans                                     |   | $ | 1,955 |   |   | $ | - |   |   | $ | - |   |   | $ | 2,509 |   |   | $ | 4,464 |   |   | $ | 118,219 |   |   | $ | 122,683 |   |

----

| At March 31, 2011                               |   |
|-------------------------------------------------|--------|
|                                            |   |
|                                            |   | Not Classified |   |   | Special Mention |   |   | Sub- standard |   |   | Doubtful |   |   | Loss |   |   | Total Loans |   |
| Real estate loans:                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to four family                              |   | $ | 28,193 |   |   | $ | - |   |   | $ | 464 |   |   | $ | - |   |   | $ | - |   |   | $ | 28,657 |   |
| Commercial                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Owner Occupied                                  |   |   | 14,463 |   |   |   | 4,040 |   |   |   | 1,335 |   |   |   | - |   |   |   | - |   |   |   | 19,838 |   |
| Non Owner Occupied                              |   |   | 13,369 |   |   |   | 652 |   |   |   | 1,164 |   |   |   | - |   |   |   | - |   |   |   | 15,185 |   |
| Multi-family                                    |   |   | 10,550 |   |   |   | - |   |   |   | 1,067 |   |   |   | - |   |   |   | - |   |   |   | 11,617 |   |
| Construction or development                     |   |   | 1,791 |   |   |   | - |   |   |   | 775 |   |   |   | - |   |   |   | - |   |   |   | 2,566 |   |
| Home equity                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Ended/Revolving                            |   |   | 7,172 |   |   |   | 551 |   |   |   | 41 |   |   |   | - |   |   |   | - |   |   |   | 7,764 |   |
| Closed Ended                                    |   |   | 1,418 |   |   |   | - |   |   |   | 156 |   |   |   | - |   |   |   | - |   |   |   | 1,574 |   |
|     Total real estate loans |   |   | 76,956 |   |   |   | 5,243 |   |   |   | 5,002 |   |   |   | - |   |   |   | - |   |   |   | 87,201 |   |
| Other loans:                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxi Medallion                                  |   |   | 8,496 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8,496 |   |
| USDA Guaranteed                                 |   |   | 5,566 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,566 |   |
| All Other                                       |   |   | 18,626 |   |   |   | 428 |   |   |   | 1,178 |   |   |   | - |   |   |   | - |   |   |   | 20,232 |   |
| Consumer                                        |   |   | 386 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 386 |   |
|    Total other loans             |   |   | 33,074 |   |   |   | 428 |   |   |   | 1,178 |   |   |   | - |   |   |   | - |   |   |   | 34,680 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total loans                                     |   | $ | 110,030 |   |   | $ | 5,671 |   |   | $ | 6,180 |   |   | $ | - |   |   | $ | - |   |   | $ | 121,881 |   |

| At December 31, 2010                            |   |
|-------------------------------------------------|--------|
|                                            |   |
|                                            |   | Not Classified |   |   | Special Mention |   |   | Sub- standard |   |   | Doubtful |   |   | Loss |   |   | Total Loans |   |
| Real estate loans:                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One-to four family                              |   | $ | 27,572 |   |   | $ | - |   |   | $ | 465 |   |   | $ | - |   |   | $ | - |   |   | $ | 28,037 |   |
| Commercial                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Owner Occupied                                  |   |   | 15,039 |   |   |   | 3,661 |   |   |   | 1,339 |   |   |   | - |   |   |   | - |   |   |   | 20,039 |   |
| Non Owner Occupied                              |   |   | 13,726 |   |   |   | 652 |   |   |   | 1,174 |   |   |   | - |   |   |   | - |   |   |   | 15,552 |   |
| Multi-family                                    |   |   | 10,566 |   |   |   | - |   |   |   | 1,068 |   |   |   | - |   |   |   | - |   |   |   | 11,634 |   |
| Construction or development                     |   |   | 1,791 |   |   |   | - |   |   |   | 775 |   |   |   | - |   |   |   | - |   |   |   | 2,566 |   |
| Home equity                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Ended/Revolving                            |   |   | 6,862 |   |   |   | 551 |   |   |   | 55 |   |   |   | - |   |   |   | - |   |   |   | 7,468 |   |
| Closed Ended                                    |   |   | 1,463 |   |   |   | - |   |   |   | 157 |   |   |   | - |   |   |   | - |   |   |   | 1,620 |   |
|     Total real estate loans |   |   | 77,019 |   |   |   | 4,864 |   |   |   | 5,033 |   |   |   | - |   |   |   | - |   |   |   | 86,916 |   |
| Other loans:                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial business                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxi Medallion                                  |   |   | 9,679 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 9,679 |   |
| USDA Guaranteed                                 |   |   | 5,110 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,110 |   |
| All Other                                       |   |   | 18,969 |   |   |   | 382 |   |   |   | 1,220 |   |   |   | - |   |   |   | - |   |   |   | 20,571 |   |
| Consumer                                        |   |   | 407 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 407 |   |
|    Total other loans             |   |   | 34,165 |   |   |   | 382 |   |   |   | 1,220 |   |   |   | - |   |   |   | - |   |   |   | 35,767 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total loans                                     |   | $ | 111,184 |   |   | $ | 5,246 |   |   | $ | 6,253 |   |   | $ | - |   |   | $ | - |   |   | $ | 122,683 |   |

----

|                                                                                   |              |   | Three Months Ended     |   |
|----------------------------------------------------------------------------------------|-------------------|--------|------------------------|--------|
|                                                                                   |              |   | March 31,              |   |
|                                                                                   |              |   |                   |   |   |   |   |
|                                                                                   |              |   | 2011                   |   |   | 2010 |   |
|                                                                                   |              |   | (Dollars in thousands) |   |
| Balance at beginning of year                                                           |              |   | 2,017                  |   |   |   | 1,824 |   |
| Charge-offs                                                                            |              |   |                   |   |   |   |   |   |   |
|    One-to-four family                                                   |              |   | -                      |   |   |   | - |   |
|    Commercial                                                           |              |   |                   |   |   |   |   |   |
|       Owner Occupied                                     |              |   | -                      |   |   |   | - |   |
|       Non Owner Occupied                                 |              |   | -                      |   |   |   | - |   |
|    Multi-family                                                         |              |   | -                      |   |   |   | - |   |
|    Construction or development                                          |              |   | -                      |   |   |   | - |   |
|    Home equity                                                          |              |   |                   |   |   |   |   |   |
|       Open Ended / Revolving                             |              |   | (14                    | )      |   |   | - |   |
|       Closed Ended                                       |              |   | -                      |   |   |   | - |   |
|    Commercial business                                                  |              |   |                   |   |   |   |   |   |
|       Taxi Medallion                                     |              |   | -                      |   |   |   | - |   |
|       USDA Guaranteed                                    |              |   | -                      |   |   |   | - |   |
|       Commercial Business Lines of Credit and Term Loans |              |   | (87                    | )      |   |   | - |   |
|    Consumer                                                             |              |   |                   | -      |   |   |   | - |   |
|                                                                                   | Total charge-offs |   |                   | (101   | ) |   |   | - |   |
|                                                                                   |              |   |                   |   |   |   |   |   |   |
| Recoveries                                                                             |              |   |                   |   |   |   |   |   |   |
|    One-to-four family                                                   |              |   | -                      |   |   |   | - |   |
|    Commercial                                                           |              |   |                   |   |   |   |   |   |
|       Owner Occupied                                     |              |   | -                      |   |   |   | - |   |
|       Non Owner Occupied                                 |              |   | -                      |   |   |   | - |   |
|    Multi-family                                                         |              |   | -                      |   |   |   | - |   |
|    Construction or development                                          |              |   | -                      |   |   |   | - |   |
|    Home equity                                                          |              |   |                   |   |   |   |   |   |
|       Open Ended / Revolving                             |              |   | -                      |   |   |   | - |   |
|       Closed Ended                                       |              |   | -                      |   |   |   | - |   |
|    Commercial business                                                  |              |   |                   |   |   |   |   |   |
|       Taxi Medallion                                     |              |   | -                      |   |   |   | - |   |
|       USDA Guaranteed                                    |              |   | -                      |   |   |   | - |   |
|       Commercial Business Lines of Credit and Term Loans |              |   | -                      |   |   |   | - |   |
|    Consumer                                                             |              |   |                   | 1      |   |   |   | 1 |   |
|                                                                                   | Total recoveries  |   |                   | 1      |   |   |   | 1 |   |
|                                                                                   |              |   |                   |   |   |   |   |   |   |
| Provision for losses                                                                   |              |   | 10                     |   |   |   | 59 |   |
| Balance at end of period                                                               |              |   | 1,927                  |   |   |   | 1,884 |   |

----

| At March 31, 2011                               |   |
|-------------------------------------------------|--------|
|                                            |   |
|                                            |   | 1-4 Family Residential Real Estate |   |   | Commercial Real Estate |   |   | Multifamily Real Estate |   |   | Construction or Development |   |   | Home Equity |   |   | Commercial Business |   |   | Consumer |   |   | Unallocated |   |   | Total |   |
|                                            |   | (In thousands) |   |
| Allowance for loan losses:                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending allowance balance attributable to loans: |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Individually evaluated for impairment           |   |   | - |   |   |   | 18 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 18 |   |
| Collectively evaluated for impairment           |   |   | 116 |   |   |   | 605 |   |   |   | 238 |   |   |   | 36 |   |   |   | 142 |   |   |   | 560 |   |   |   | 4 |   |   |   | 208 |   |   |   | 1,909 |   |
| Acquired with deteriorated credit quality       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total allowance balance                         |   | $ | 116 |   |   | $ | 623 |   |   | $ | 238 |   |   | $ | 36 |   |   | $ | 142 |   |   | $ | 560 |   |   | $ | 4 |   |   | $ | 208 |   |   | $ | 1,927 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans:                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans individually evaluated for impairment     |   |   | - |   |   |   | 2,338 |   |   |   | 1,067 |   |   |   | 775 |   |   |   | 41 |   |   |   | 503 |   |   |   | - |   |   |   | - |   |   |   | 4,724 |   |
| Loans collectively evaluated for impairment     |   |   | 28,657 |   |   |   | 32,685 |   |   |   | 10,550 |   |   |   | 1,791 |   |   |   | 9,297 |   |   |   | 33,791 |   |   |   | 386 |   |   |   | - |   |   |   | 117,157 |   |
| Loans acquired with deteriorated credit quality |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total ending loans balance                      |   | $ | 28,657 |   |   | $ | 35,023 |   |   | $ | 11,617 |   |   | $ | 2,566 |   |   | $ | 9,338 |   |   | $ | 34,294 |   |   | $ | 386 |   |   | $ | - |   |   |   | 121,881 |    |

----

| At December 31, 2010                            |   |
|-------------------------------------------------|--------|
|                                            |   |
|                                            |   | 1-4 Family Residential Real Estate |   |   | Commercial Real Estate |   |   | Multifamily Real Estate |   |   | Construction or Development |   |   | Home Equity |   |   | Commercial Business |   |   | Consumer |   |   | Unallocated |   |   | Total |   |
|                                            |   | (In thousands) |   |
| Allowance for loan losses:                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Individually evaluated for impairment           |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3 |   |   |   | 42 |   |   |   | - |   |   |   | - |   |   |   | 45 |   |
| Collectively evaluated for impairment           |   |   | 115 |   |   |   | 591 |   |   |   | 237 |   |   |   | 36 |   |   |   | 140 |   |   |   | 591 |   |   |   | 5 |   |   |   | 257 |   |   |   | 1,972 |   |
| Acquired with deteriorated credit quality       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total allowance balance                         |   | $ | 115 |   |   | $ | 591 |   |   | $ | 237 |   |   | $ | 36 |   |   | $ | 143 |   |   | $ | 633 |   |   | $ | 5 |   |   | $ | 257 |   |   | $ | 2,017 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans:                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans individually evaluated for impairment     |   |   | - |   |   |   | 1,826 |   |   |   | 1,068 |   |   |   | 775 |   |   |   | 55 |   |   |   | 732 |   |   |   | - |   |   |   | - |   |   |   | 4,456 |   |
| Loans collectively evaluated for impairment     |   |   | 28,037 |   |   |   | 33,765 |   |   |   | 10,566 |   |   |   | 1,791 |   |   |   | 9,033 |   |   |   | 34,628 |   |   |   | 407 |   |   |   | - |   |   |   | 118,227 |   |
| Loans acquired with deteriorated credit quality |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total ending loans balance                      |   | $ | 28,037 |   |   | $ | 35,591 |   |   | $ | 11,634 |   |   | $ | 2,566 |   |   | $ | 9,088 |   |   | $ | 35,360 |   |   | $ | 407 |   |   | $ | - |   |   |   | 122,683 |   |

|   | Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.                                                                                                     |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. |

|   | Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                   |   |     |          | Fair Value Measurements at |
|------------------------------------------------------------------------|--------|----------|---------------|----------------------------|
|                                                                   |   |     |          | March 31, 2011 Using:      |
|                                                                   |   |     |          |                       |   | Significant |   |   |
|                                                                   |   |     |          | Quoted Prices in           |   | Other |   | Significant |
|                                                                   |   |     |          | Active Markets for         |   | Observable |   | Unobservable |
|                                                                   |   | Carrying |          | Identical Assets           |   | Inputs |   | Inputs |
|                                                                   |   | Value    |          | (Level 1)                  |   | (Level 2) |   | (Level 3) |
| (Dollars in thousands)                                                 |   |     |          |                       |   |   |   |   |
| Financial Assets                                                       |   |     |          |                       |   |   |   |   |
| Investment securities available-for sale:                              |   |     |          |                       |   |   |   |   |
|    Mortgage-backed securities –  residential |   | $        |   18,822 |                       |   |   | $ | 18,822 |   |   |
|    U.S. government agencies                             |   |     | 610           |                       |   |   |   | 610 |   |   |
|    Other securities                                     |   |     | 1,388         |                       |   |   |   | 1,388 |   |   |
| Total available- for-sale                                              |   |     | 20,820        |                       |   |   |   | 20,820 |   |   |

|                                                             |   |     |          | Fair Value Measurements at |
|------------------------------------------------------------------|--------|----------|---------------|----------------------------|
|                                                             |   |     |          | December 31, 2010 Using:   |
|                                                             |   |     |          |                       |   | Significant |   |   |
|                                                             |   |     |          | Quoted Prices in           |   | Other |   | Significant |
|                                                             |   |     |          | Active Markets for         |   | Observable |   | Unobservable |
|                                                             |   | Carrying |          | Identical Assets           |   | Inputs |   | Inputs |
|                                                             |   | Value    |          | (Level 1)                  |   | (Level 2) |   | (Level 3) |
| (Dollars in thousands)                                           |   |     |          |                       |   |   |   |   |
| Financial Assets                                                 |   |     |          |                       |   |   |   |   |
| Investment securities available-for sale:                        |   |     |          |                       |   |   |   |   |
|    Mortgage-backed securities – residential |   | $        |   18,128 |                       |   |   | $ | 18,128 |   |   |
|    U.S. government agencies                       |   |     | 614           |                       |   |   |   | 614 |   |   |
|    Other securities                               |   |     | 1,378         |                       |   |   |   | 1,378 |   |   |
| Total available- for-sale                                        |   |     | 20,120        |                       |   |   |   | 20,120 |   |   |

----

|                                         |   |     |   |   | Fair Value Measurements |   |
|----------------------------------------------|--------|----------|--------|--------|-------------------------|--------|
|                                         |   |     |   |   | (in thousands)          |   |
|                                         |   |     |   |   | at March 31, 2011 Using |   |
|                                         |   |     |   |   | Identical               |   |   | Observable |   |   | Unobservable |   |
|                                         |   | Carrying |   |   | Assets                  |   |   | Inputs |   |   | Inputs |   |
|                                         |   | Value    |   |   | (Level 1)               |   |   | (Level 2) |   |   | (Level 3) |   |
|                                         |   |     |   |   |                    |   |   |   |   |   |   |   |
| Assets:                                      |   |     |   |   |                    |   |   |   |   |   |   |   |
|      Impaired Loans |   | $        | 667    |   |                    | $      | - |   |   | $ | - |   |   | $ | 667 |   |
|      REO Property        |   |     | 315    |   |                    |   | - |   |   |   | - |   |   |   | 315 |   |

|                                         |   |     |   |   | Fair Value Measurements    |   |
|----------------------------------------------|--------|----------|--------|--------|----------------------------|--------|
|                                         |   |     |   |   | (in thousands)             |   |
|                                         |   |     |   |   | at December 31, 2010 Using |   |
|                                         |   |     |   |   | Identical                  |   |   | Observable |   |   | Unobservable |   |
|                                         |   | Carrying |   |   | Assets                     |   |   | Inputs |   |   | Inputs |   |
|                                         |   | Value    |   |   | (Level 1)                  |   |   | (Level 2) |   |   | (Level 3) |   |
|                                         |   |     |   |   |                       |   |   |   |   |   |   |   |
| Assets:                                      |   |     |   |   |                       |   |   |   |   |   |   |   |
|      Impaired Loans |   | $        | 148    |   |                       | $      | - |   |   | $ | - |   |   | $ | 148 |   |
|      REO Property        |   |     | 325    |   |                       |   | - |   |   |   | - |   |   |   | 325 |   |

----

|                                            |   | March 31,      |    |   | December 31, |   |
|-------------------------------------------------|--------|----------------|---------|--------|--------------|--------|
|                                            |   | 2011           |    |   | 2010         |   |
|                                            |   | Carrying       |    |   | Fair         |   |   | Carrying |   |   | Fair |   |
|                                            |   | Amount         |    |   | Value        |   |   | Amount |   |   | Value |   |
|                                            |   | (In thousands) |    |
| Financial assets                                |   |           |    |   |         |   |   |   |   |   |   |   |
| Cash and due from banks                         |   | $              | 7,954   |   |         | $      | 7,954 |   |   | $ | 13,027 |   |   | $ | 13,027 |   |
| Federal Funds Sold and money market investments |   |           | 4,964   |   |         |   | 4,964 |   |   |   | 12 |   |   |   | 12 |   |
| Certificate of deposit placements               |   |           | 1,910   |   |         |   | 1,910 |   |   |   | 2,110 |   |   |   | 2,110 |   |
| Securities available for sale                   |   |           | 20,820  |   |         |   | 20,820 |   |   |   | 20,120 |   |   |   | 20,120 |   |
| Loans held for sale                             |   |           | 266     |   |         |   | 270 |   |   |   | 400 |   |   |   | 404 |   |
| Loans, net                                      |   |           | 120,491 |   |         |   | 122,238 |   |   |   | 121,208 |   |   |   | 124,469 |   |
| Federal Home Loan Bank stock                    |   |           | 547     |   |         |   | N/A |   |   |   | 558 |   |   |   | N/A |   |
| Federal Reserve Bank stock                      |   |           | 392     |   |         |   | N/A |   |   |   | 392 |   |   |   | N/A |   |
| Accrued interest receivable                     |   |           | 631     |   |         |   | 631 |   |   |   | 608 |   |   |   | 608 |   |
|                                            |   |           |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Financial Liabilities                           |   |           |    |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                        |   |           | 139,034 |   |         |   | 139,993 |   |   |   | 138,217 |   |   |   | 139,764 |   |
| Federal Home Loan Bank advances                 |   |           | 7,272   |   |         |   | 7,425 |   |   |   | 7,523 |   |   |   | 7,684 |   |
| Other borrowings                                |   |           | 2,877   |   |         |   | 2,938 |   |   |   | 2,841 |   |   |   | 2,902 |   |
| Accrued interest payable                        |   |           | 137     |   |         |   | 137 |   |   |   | 141 |   |   |   | 141 |   |

----

----

----

|                                            |   | March 31,      |    |   | December 31, |   |
|-------------------------------------------------|--------|----------------|---------|--------|--------------|--------|
|                                            |   | 2011           |    |   | 2010         |   |
|                                            |   | (In thousands) |    |
| Real estate loans:                              |   |           |    |   |         |   |
| One-to four family                              |   | $              | 28,657  |   |         | $      | 28,037 |   |
| Commercial                                      |   |           |    |   |         |   |   |   |
| Owner Occupied                                  |   |           | 19,838  |   |         |   | 20,039 |   |
| Non Owner Occupied                              |   |           | 15,185  |   |         |   | 15,552 |   |
| Multi-family                                    |   |           | 11,617  |   |         |   | 11,634 |   |
| Construction or development                     |   |           | 2,566   |   |         |   | 2,566 |   |
| Home equity                                     |   |           |    |   |         |   |   |   |
| Open Ended/Revolving                            |   |           | 7,764   |   |         |   | 7,468 |   |
| Closed Ended                                    |   |           | 1,574   |   |         |   | 1,620 |   |
|     Total real estate loans |   |           | 87,201  |   |         |   | 86,916 |   |
|                                            |   |           |    |   |         |   |   |   |
| Other loans:                                    |   |           |    |   |         |   |   |   |
| Commercial business                             |   |           |    |   |         |   |   |   |
| Taxi Medallion                                  |   |           | 8,496   |   |         |   | 9,679 |   |
| USDA Guaranteed                                 |   |           | 5,566   |   |         |   | 5,110 |   |
| Commercial Lines of Credit and Term Loans       |   |           | 20,232  |   |         |   | 20,571 |   |
| Consumer                                        |   |           | 386     |   |         |   | 407 |   |
|    Total other loans             |   |           | 34,680  |   |         |   | 35,767 |   |
|                                            |   |           |    |   |         |   |   |   |
| Total loans                                     |   |           | 121,881 |   |         |   | 122,683 |   |
|                                            |   |           |    |   |         |   |   |   |
| Deferred loan costs net                         |   |           | 537     |   |         |   | 542 |   |
| Allowance for loan losses                       |   |           | (1,927  | )      |         |   | (2,017 | ) |
|                                            |   |           |    |   |         |   |   |   |
| Total loans receivable, net                     |   | $              | 120,491 |   |         | $      | 121,208 |   |

----

----

|                                                                                   |   | At March 31,           |   |   | At December 31, |   |
|----------------------------------------------------------------------------------------|--------|------------------------|--------|--------|-----------------|--------|
|                                                                                   |   | 2011                   |   |   | 2010            |   |
|                                                                                   |   | (Dollars in thousands) |   |
| Non-accrual loans:                                                                     |   |                   |   |   |            |   |
| Real estate loans:                                                                     |   |                   |   |   |            |   |
|    One-to-four family                                                   |   | $                      | -      |   |            | $      | - |   |
|    Commercial                                                           |   |                   |   |   |            |   |   |   |
|       Owner Occupied                                     |   |                   | -      |   |            |   | - |   |
|       Non Owner Occupied                                 |   |                   | 1,164  |   |            |   | 1,174 |   |
|    Multi-family                                                         |   |                   | -      |   |            |   | - |   |
|    Construction or development                                          |   |                   | 775    |   |            |   | 775 |   |
|    Home equity                                                          |   |                   |   |   |            |   |   |   |
|       Open Ended / Revolving                             |   |                   | 41     |   |            |   | 55 |   |
|       Closed Ended                                       |   |                   | -      |   |            |   | - |   |
| Total real estate loans                                                                |   |                   | 1,980  |   |            |   | 2,004 |   |
|                                                                                   |   |                   |   |   |            |   |   |   |
| Other Loans:                                                                           |   |                   |   |   |            |   |   |   |
|    Commercial business                                                  |   |                   |   |   |            |   |   |   |
|       Taxi Medallion                                     |   |                   | -      |   |            |   | - |   |
|       USDA Guaranteed                                    |   |                   | -      |   |            |   | - |   |
|       Commercial Business Lines of Credit and Term Loans |   |                   | 418    |   |            |   | 505 |   |
|    Consumer                                                             |   |                   | -      |   |            |   | - |   |
| Total non-performing loans                                                             |   | $                      | 2,398  |   |            | $      | 2,509 |   |
|    REO, net                                                             |   |                   | 315    |   |            |   | 325 |   |
| Total non-performing assets                                                            |   | $                      | 2,713  |   |            | $      | 2,834 |   |
|                                                                                   |   |                   |   |   |            |   |   |   |
| Ratios:                                                                                |   |                   |   |   |            |   |   |   |
|    Non-performing loans to total loans                                  |   |                   | 1.97   | %      |            |   | 2.05 | % |
|    Non-performing loans to total assets                                 |   |                   | 1.49   | %      |            |   | 1.56 | % |
|    Non-performing assets to total assets                                |   |                   | 1.68   | %      |            |   | 1.76 | % |

----

----

|                                                                                   |              |   | Three Months Ended     |   |
|----------------------------------------------------------------------------------------|-------------------|--------|------------------------|--------|
|                                                                                   |              |   | March 31,              |   |
|                                                                                   |              |   |                   |   |   |   |   |
|                                                                                   |              |   | 2011                   |   |   | 2010 |   |
|                                                                                   |              |   | (Dollars in thousands) |   |
| Balance at beginning of year                                                           |              |   | 2,017                  |   |   |   | 1,824 |   |
| Charge-offs                                                                            |              |   |                   |   |   |   |   |   |
|    One-to-four family                                                   |              |   | -                      |   |   |   | - |   |
|    Commercial                                                           |              |   |                   |   |   |   |   |   |
|       Owner Occupied                                     |              |   | -                      |   |   |   | - |   |
|       Non Owner Occupied                                 |              |   | -                      |   |   |   | - |   |
|    Multi-family                                                         |              |   | -                      |   |   |   | - |   |
|    Construction or development                                          |              |   | -                      |   |   |   | - |   |
|    Home equity                                                          |              |   |                   |   |   |   |   |   |
|       Open Ended / Revolving                             |              |   | (14                    | )      |   |   | - |   |
|       Closed Ended                                       |              |   | -                      |   |   |   | - |   |
|    Commercial business                                                  |              |   |                   |   |   |   |   |   |
|       Taxi Medallion                                     |              |   | -                      |   |   |   | - |   |
|       USDA Guaranteed                                    |              |   | -                      |   |   |   | - |   |
|       Commercial Business Lines of Credit and Term Loans |              |   | (87                    | )      |   |   | - |   |
|    Consumer                                                             |              |   |                   | -      |   |   |   | - |   |
|                                                                                   | Total charge-offs |   |                   | (101   | ) |   |   | - |   |
|                                                                                   |              |   |                   |   |   |   |   |   |   |
| Recoveries                                                                             |              |   |                   |   |   |   |   |   |   |
|    One-to-four family                                                   |              |   | -                      |   |   |   | - |   |
|    Commercial                                                           |              |   |                   |   |   |   |   |   |
|       Owner Occupied                                     |              |   | -                      |   |   |   | - |   |
|       Non Owner Occupied                                 |              |   | -                      |   |   |   | - |   |
|    Multi-family                                                         |              |   | -                      |   |   |   | - |   |
|    Construction or development                                          |              |   | -                      |   |   |   | - |   |
|    Home equity                                                          |              |   |                   |   |   |   |   |   |
|       Open Ended / Revolving                             |              |   | -                      |   |   |   | - |   |
|       Closed Ended                                       |              |   | -                      |   |   |   | - |   |
|    Commercial business                                                  |              |   |                   |   |   |   |   |   |
|       Taxi Medallion                                     |              |   | -                      |   |   |   | - |   |
|       USDA Guaranteed                                    |              |   | -                      |   |   |   | - |   |
|       Commercial Business Lines of Credit and Term Loans |              |   | -                      |   |   |   | - |   |
|    Consumer                                                             |              |   |                   | 1      |   |   |   | 1 |   |
|                                                                                   | Total recoveries  |   |                   | 1      |   |   |   | 1 |   |
|                                                                                   |              |   |                   |   |   |   |   |   |   |
| Provision for losses                                                                   |              |   | 10                     |   |   |   | 59 |   |
| Balance at end of period                                                               |              |   | 1,927                  |   |   |   | 1,884 |   |
|                                                                                   |              |   |                   |   |   |   |   |   |   |
| Ratio of net charge-offs to average total loans                                        |              |   | 0.08                   | %      |   |   | 0.00 | % |
| Ratio of allowance for loan losses to total loans                                      |              |   | 1.58                   | %      |   |   | 1.68 | % |

----

|                                                                                 |   | For the Quarter Ended March 31 |    |
|--------------------------------------------------------------------------------------|--------|--------------------------------|---------|
|                                                                                 |   | 2011                           |    |   | 2010 |   |
|                                                                                 |   | Average                        |    |   |   |   |   | Average |   |   | Average |   |   |   |   |   | Average |   |
|                                                                                 |   | Balance                        |    |   | Interest |   |   | Yield/Cost |   |   | Balance |   |   | Interest |   |   | Yield/Cost |   |
| Assets                                                                               |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning assets:                                                             |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Loans                                                        |   |                           | 122,997 |   |   | $ | 1,688 |   |   |   | 5.49 | % |   |   | 109,420 |   |   | $ | 1,564 |   |   |   | 5.72 | % |
|     Fed Funds & other investments                            |   |                           | 10,079  |   |   |   | 7 |   |   |   | 0.28 | % |   |   | 11,454 |   |   |   | 11 |   |   |   | 0.38 | % |
|     Certificates of deposit                                      |   |                           | 1,919   |   |   |   | 12 |   |   |   | 2.54 | % |   |   | 3,411 |   |   |   | 17 |   |   |   | 1.99 | % |
|     FRB & FHLB stock                                         |   |                           | 942     |   |   |   | 12 |   |   |   | 5.10 | % |   |   | 898 |   |   |   | 14 |   |   |   | 6.24 | % |
|     Securities                                                   |   |                           | 19,635  |   |   |   | 176 |   |   |   | 3.59 | % |   |   | 31,274 |   |   |   | 331 |   |   |   | 4.23 | % |
|        Total interest-earning assets              |   | $                              | 155,572 |   |   | $ | 1,895 |   |   |   | 4.87 | % |   | $ | 156,457 |   |   | $ | 1,937 |   |   |   | 4.95 | % |
|                                                                                 |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for loan losses                                                            |   |                           | (2,021  | ) |   |   |   |   |   |   |   |   |   |   | (1,880 | ) |   |   |   |   |   |   |   |   |
| Cash & Due from banks                                                            |   |                           | 1,965   |   |   |   |   |   |   |   |   |   |   |   | 1,264 |   |   |   |   |   |   |   |   |   |
| Other Non-interest earning assets                                                    |   |                           | 3,503   |   |   |   |   |   |   |   |   |   |   |   | 3,780 |   |   |   |   |   |   |   |   |   |
|        Total assets                               |   | $                              | 159,019 |   |   |   |   |   |   |   |   |   |   | $ | 159,621 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities and  Stockholders' Equity                                      |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                                                        |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     NOW accounts                                                 |   | $                              | 7,392   |   |   | $ | 12 |   |   |   | 0.66 | % |   | $ | 6,129 |   |   | $ | 7 |   |   |   | 0.46 | % |
|     Money Market accounts                                        |   |                           | 33,783  |   |   |   | 81 |   |   |   | 0.97 | % |   |   | 36,971 |   |   |   | 113 |   |   |   | 1.22 | % |
|     Regular savings accounts                                     |   |                           | 9,896   |   |   |   | 25 |   |   |   | 1.02 | % |   |   | 9,910 |   |   |   | 26 |   |   |   | 1.05 | % |
|     Certficates of Deposit                                       |   |                           | 67,845  |   |   |   | 412 |   |   |   | 2.46 | % |   |   | 71,270 |   |   |   | 496 |   |   |   | 2.78 | % |
|        Total interest-bearing deposits            |   | $                              | 118,916 |   |   |   | 530 |   |   |   | 1.81 | % |   | $ | 124,280 |   |   |   | 642 |   |   |   | 2.07 | % |
|                                                                                 |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Borrowings                                                   |   |                           | 10,211  |   |   |   | 98 |   |   |   | 3.84 | % |   |   | 10,000 |   |   |   | 96 |   |   |   | 3.89 | % |
|        Total interest-bearing liabilities         |   | $                              | 129,127 |   |   | $ | 628 |   |   |   | 1.97 | % |   | $ | 134,280 |   |   | $ | 738 |   |   |   | 2.23 | % |
|                                                                                 |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest-bearing liabilities                                                     |   |                           | 18,990  |   |   |   |   |   |   |   |   |   |   |   | 15,713 |   |   |   |   |   |   |   |   |   |
|        Total liabilities                          |   |                           | 148,117 |   |   |   |   |   |   |   |   |   |   |   | 149,993 |   |   |   |   |   |   |   |   |   |
|                                                                                 |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' equity                                                                 |   |                           | 10,902  |   |   |   |   |   |   |   |   |   |   |   | 9,628 |   |   |   |   |   |   |   |   |   |
|        Total liabilities and stockholders' equity |   | $                              | 159,019 |   |   |   |   |   |   |   |   |   |   | $ | 159,621 |   |   |   |   |   |   |   |   |   |
| Net interest income                                                                  |   |                           |    |   |   | $ | 1,267 |   |   |   |   |   |   |   |   |   |   | $ | 1,199 |   |   |   |   |   |
|                                                                                 |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average interest rate spread (1)                                                     |   |                           |    |   |   |   |   |   |   |   | 2.90 | % |   |   |   |   |   |   |   |   |   |   | 2.72 | % |
| Net interest margin (2)                                                              |   |                           |    |   |   |   |   |   |   |   | 3.26 | % |   |   |   |   |   |   |   |   |   |   | 3.07 | % |
| Net interest-earning assets (3)                                                      |   | $                              | 26,445  |   |   |   |   |   |   |   |   |   |   | $ | 22,177 |   |   |   |   |   |   |   |   |   |
| Ratio of average interest-earning assets                                             |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     to average interest-bearing liabilities                      |   |                           |    |   |   |   |   |   |   |   | 120.48 | % |   |   |   |   |   |   |   |   |   |   | 116.52 | % |

| (1) | Average interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Net interest margin represents net interest income divided by average total interest-earning assets. |
|-----|------------------------------------------------------------------------------------------------------|

| (3) | Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
|-----|---------------------------------------------------------------------------------------------------------------|

----

----

----

|   | · | Centralize responsibility for consumer financial protection by creating a new agency. |
|--------|--------|---------------------------------------------------------------------------------------|

|   | · | Apply the same leverage and risk-based capital requirements that currently apply to insured depository institutions to bank holding companies. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Require the FDIC to adjust capital timing requirements so that the amount of capital required to be maintained increases in times of economic expansion and decreases in times of economic contraction. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Change the assessment base for federal deposit insurance from the amount of insured deposits to consolidated assets less tangible capital. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Implement corporate governance revisions, including with regard to executive compensation and proxy access by shareholders, that apply to all public companies, not just financial institutions. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Make permanent the $250 thousand limit for federal deposit insurance and increase the cash limit of Securities Investor Protection Corporation protection from $100 thousand to $250 thousand, and provide unlimited federal deposit insurance until January 1, 2013, for non-interest bearing demand transaction accounts at all insured depository institutions. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Repeal the federal prohibitions on the payment of interest on demand deposits, thereby permitting depository institutions to pay interest on business transaction and other accounts. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increase the authority of the Federal Reserve. |
|--------|--------|------------------------------------------------|

----

----

| Exhibit Number |   | Document                                                                                                                                          |   | Reference to Previous Filing, If Applicable |
|----------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|
|           |   |                                                                                                                                              |   |                                        |
| 31.1           |   | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                |   |                                        |
|           |   |                                                                                                                                              |   |                                        |
| 31.2           |   | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                |   |                                        |
|           |   |                                                                                                                                              |   |                                        |
| 32.1           |   | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |   |                                        |
|           |   |                                                                                                                                              |   |                                        |
| 32.2           |   | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |   |                                        |

----

|                                                                   | ES Bancshares, Inc. |                                              |
|------------------------------------------------------------------------|---------------------|---------------------------------------------------|
|                                                                   |                |                                              |   |
| Date:  May 9, 2011                                           | By:                 | /s/ Philip Guarnieri                         |   |
|                                                                   |                | Philip Guarnieri                                  |   |
|                                                                   |                | President and Co-Chief Executive Officer          |   |
|                                                                   |                |                                              |   |
|                                                                   |                |                                              |   |
| Date:  May 9, 2011        | By:                 | /s/ Thomas Sperzel                                |   |
|                                                                   |                | Thomas Sperzel                                    |   |
|                                                                   |                | Senior Vice President and Chief Financial Officer |   |