**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**
** **

**Washington,      DC 20549 **

**FORM      10-QSB **

**CN      BANCORP, INC. **

| **Maryland**                                                                  |   | **52-1954386**                                      |
|-------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or other Jurisdiction of Incorporation or Organization) |   | (I.R.S.                Employer Identification No.) |

**7401      Ritchie Highway, Glen Burnie 21061 **

**(410)      760-7000 **

----

**PART      I - FINANCIAL INFORMATION**

**Item      1.**
**Financial      Statements**

**CN      BANCORP, INC. AND SUBSIDIARY**

**CONSOLIDATED      STATEMENTS OF FINANCIAL CONDITION**

**March      31, 2006 (Unaudited) and December 31, 2005**

|                                                                                                    |   | (Unaudited)              |        |                        |   |
|---------------------------------------------------------------------------------------------------------|--------|--------------------------|-------------|-----------------------------|--------|
|                                                                                                    |   | March                31, |        | December                31, |   |
|                                                                                                    |   | 2006                     |        | 2005                        |   |
| ASSETS                                                                                                  |   |                     |        |                        |   |
|                                                                                                    |   |                     |        |                        |   |
| Cash                and due from banks                                                                  |   | $                        | 3,865,680   |                        | $      | 4,214,570 |   |
| Federal                funds sold                                                                       |   |                     | 11,409,970  |                        |   | 11,262,328 |   |
|                     Cash and cash equivalents                                       |   |                     | 15,275,650  |                        |   | 15,476,898 |   |
| Interest                bearing deposits                                                                |   |                     | 2,873,824   |                        |   | 2,884,893 |   |
| Investment                securities - available for sale                                               |   |                     | 23,452,782  |                        |   | 23,881,126 |   |
| Investment                securities - held to maturity                                                 |   |                     | 8,030,774   |                        |   | 8,162,452 |   |
| Other                securities                                                                         |   |                     | 793,800     |                        |   | 773,800 |   |
| Loans                receivable, net of allowance for loan losses of $904,000                           |   |                     |        |                        |   |   |   |
|                     at March 31, 2006 and $864,000 at December 31, 2005             |   |                     | 90,684,042  |                        |   | 88,561,597 |   |
| Premises                and equipment, net                                                              |   |                     | 3,859,246   |                        |   | 3,914,253 |   |
| Cash                surrender value of life insurance                                                   |   |                     | 2,624,091   |                        |   | 2,600,679 |   |
| Other                assets                                                                             |   |                     | 1,284,751   |                        |   | 1,340,144 |   |
|     Total                Assets                                                     |   | $                        | 148,878,960 |                        | $      | 147,595,842 |   |
|                                                                                                    |   |                     |        |                        |   |   |   |
| LIABILITIES                                                                                             |   |                     |        |                        |   |   |   |
|                                                                                                    |   |                     |        |                        |   |   |   |
| Non-interest                bearing deposits                                                            |   | $                        | 38,388,932  |                        | $      | 37,666,022 |   |
| Interest                bearing deposits                                                                |   |                     | 89,360,991  |                        |   | 89,418,414 |   |
|     Total                deposits                                                   |   |                     | 127,749,923 |                        |   | 127,084,436 |   |
|                                                                                                    |   |                     |        |                        |   |   |   |
| Securities                sold under agreements to repurchase                                           |   |                     | 349,700     |                        |   | 548,367 |   |
| Accounts                payable and accrued expenses                                                    |   |                     | 919,673     |                        |   | 866,460 |   |
|     Total                Liabilities                                                |   |                     | 129,019,296 |                        |   | 128,499,263 |   |
|                                                                                                    |   |                     |        |                        |   |   |   |
|                                                                                                    |   |                     |        |                        |   |   |   |
| STOCKHOLDERS’                EQUITY                                                               |   |                     |        |                        |   |   |   |
| Preferred                stock - $.01 par value; authorized 5,000,000 shares.                           |   |                     |        |                        |   |   |   |
|                     None issued or outstanding                                      |   |                     | -           |                        |   | - |   |
| Common                stock - $10 par value; authorized 5,000,000 shares.                               |   |                     |        |                        |   |   |   |
|                    Issued and outstanding: 1,719,284 shares at March 31, 2006            |   |                     |        |                        |   |   |   |
|          and                1,664,342 at December 31, 2005 |   |                     | 17,192,837  |                        |   | 16,643,415 |   |
| Additional                paid in capital                                                               |   |                     | 969,391     |                        |   | 950,891 |   |
| Retained                earnings                                                                        |   |                     | 2,003,250   |                        |   | 1,781,794 |   |
| Accumulated                other comprehensive loss:                                                    |   |                     |        |                        |   |   |   |
|                     Unrealized loss on securities available for sale                |   |                     | (305,814    | )                           |   | (279,521 | ) |
|     Total                Stockholders’ Equity                                 |   |                     | 19,859,664  |                        |   | 19,096,579 |   |
|                                                                                                    |   |                     |        |                        |   |   |   |
|     Total                Liabilities and Stockholders’ Equity                 |   | $                        | 148,878,960 |                        | $      | 147,595,842 |   |

----

**CN      BANCORP, INC. AND SUBSIDIARY**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

**For      the Three Months Ended March 31, 2006 and 2005**

**(Unaudited)**

|                                                                                                                     |   |                                                                                    |      |   |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|-----------|--------|--------|
|                                                                                                                     |   |                For                  the Three MonthsEnded                March 31, |      |
|                                                                                                                     |   | 2006                                                                                    |      | 2005   |   |
| Interest                income:                                                                                          |   |                                                                                    |      |   |   |
|                      Interest and fees on loans                                                 |   | $                                                                                       | 1,564,530 |   | $      | 1,218,489 |   |
|                      Federal funds sold                                                         |   |                                                                                    | 122,762   |   |   | 59,247 |   |
|                      Interest bearing deposits                                                  |   |                                                                                    | 26,950    |   |   | 23,264 |   |
|                      Securities                                                                 |   |                                                                                    | 282,387   |   |   | 298,384 |   |
|     Total                interest income                                                             |   |                                                                                    | 1,996,629 |   |   | 1,599,384 |   |
| Interest                expense:                                                                                         |   |                                                                                    |      |   |   |   |   |
|                      Certificates of deposit, $100,000 or more                                  |   |                                                                                    | 87,864    |   |   | 81,017 |   |
|                      Other deposits                                                             |   |                                                                                    | 487,829   |   |   | 339,183 |   |
|                      Repurchase agreements                                                      |   |                                                                                    | 4,623     |   |   | 4,476 |   |
|     Total                interest expense                                                            |   |                                                                                    | 580,316   |   |   | 424,676 |   |
|                                                                                                                     |   |                                                                                    |      |   |   |   |   |
|     Net                interest income                                                               |   |                                                                                    | 1,416,313 |   |   | 1,174,708 |   |
|                                                                                                                     |   |                                                                                    |      |   |   |   |   |
| Provision                for loan losses                                                                                 |   |                                                                                    | 49,080    |   |   | 36,498 |   |
|     Net                interest income after provision for loan losses                               |   |                                                                                    | 1,367,233 |   |   | 1,138,210 |   |
|                                                                                                                     |   |                                                                                    |      |   |   |   |   |
| Non-interest                income:                                                                                      |   |                                                                                    |      |   |   |   |   |
|                      Fees and service charges from depository accounts                          |   |                                                                                    | 230,508   |   |   | 194,933 |   |
|                      Gain on sale of foreclosed personal property                               |   |                                                                                    | 25,000    |   |   | - |   |
|                      Gain on sale of loans                                                      |   |                                                                                    | -         |   |   | 35,437 |   |
|                      Increase in cash surrender value of life insurance                policies |   |                                                                                    | 23,412    |   |   | 14,067 |   |
|                      Other income                                                               |   |                                                                                    | 35,950    |   |   | 24,760 |   |
|     Total                non-interest income                                                         |   |                                                                                    | 314,870   |   |   | 269,197 |   |
|                                                                                                                     |   |                                                                                    |      |   |   |   |   |
| Non-interest                expenses:                                                                                    |   |                                                                                    |      |   |   |   |   |
|                      Compensation and related expenses                                          |   |                                                                                    | 625,076   |   |   | 579,892 |   |
|                      Occupancy expense                                                          |   |                                                                                    | 103,189   |   |   | 108,155 |   |
|                      Depreciation and amortization                                              |   |                                                                                    | 79,097    |   |   | 92,884 |   |
|                      Consulting expense                                                         |   |                                                                                    | 22,620    |   |   | 24,053 |   |
|                      Data processes expense                                                     |   |                                                                                    | 48,617    |   |   | 48,540 |   |
|                      Director fees                                                              |   |                                                                                    | 23,925    |   |   | 24,100 |   |
|                      Marketing expense                                                          |   |                                                                                    | 26,307    |   |   | 15,434 |   |
|                      Equipment maintenance costs                                                |   |                                                                                    | 33,152    |   |   | 28,670 |   |
|                      Electronic funds transfer fees                                             |   |                                                                                    | 25,500    |   |   | 27,000 |   |
|                      Stationery and office supplies                                             |   |                                                                                    | 19,893    |   |   | 24,447 |   |
|                      Other non-interest expenses                                                |   |                                                                                    | 148,325   |   |   | 137,750 |   |
|     Total                non-interest expenses                                                       |   |                                                                                    | 1,155,701 |   |   | 1,110,925 |   |
|     Income                before income taxes                                                        |   |                                                                                    | 526,402   |   |   | 296,482 |   |
| Income                tax expense                                                                                        |   |                                                                                    | 184,597   |   |   | 103,370 |   |
|     NET                INCOME                                                                        |   | $                                                                                       | 341,805   |   | $      | 193,112 |   |
|                                                                                                                     |   |                                                                                    |      |   |   |   |   |
| Basic                earnings per share                                                                                  |   | $                                                                                       | .20       |   | $      | .14 |   |
| Diluted                earnings per share                                                                                |   | $                                                                                       | .20       |   | $      | .13 |   |
| Dividends                declared                                                                                        |   | $                                                                                       | .07       |   | $      | .05 |   |

----

**CN      BANCORP, INC.**

**CONSOLIDATED      STATEMENTS OF COMPREHENSIVE INCOME**

**For      the Three Months Ended March 31, 2006 and 2005**

**(Unaudited)**

|                                                                                          |   |                                                                                     |    |   |   |
|-----------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------|---------|--------|--------|
|                                                                                          |   |                For                  the Three Months Ended                March 31, |    |
|                                                                                          |   | 2006                                                                                     |    | 2005   |   |
|                                                                                          |   |                                                                                     |    |   |   |
| Net                income                                                                     |   | $                                                                                        | 341,805 |   | $      | 193,112 |   |
|                                                                                          |   |                                                                                     |    |   |   |   |   |
| Other                comprehensive income (loss):                                             |   |                                                                                     |    |   |   |   |   |
|                                                                                          |   |                                                                                     |    |   |   |   |   |
|                     Change in unrealized gains and                        |   |                                                                                     |    |   |   |   |   |
|                       (losses) on securities available for sale |   |                                                                                     | (42,830 | )      |   | (236,582 | ) |
|     Tax                effect                                             |   |                                                                                     | 16,537  |   |   | 101,552 |   |
| Net                other comprehensive loss                                                   |   |                                                                                     | (26,293 | )      |   | (135,030 | ) |
|                                                                                          |   |                                                                                     |    |   |   |   |   |
| Total                comprehensive income                                                     |   | $                                                                                        | 315,512 |   | $      | 58,082 |   |

----

**CN      BANCORP, INC. AND SUBSIDIARY**

**CONSOLIDATED      STATEMENTS OF STOCKHOLDERS’ EQUITY**

**For      the Three Months ended March 31, 2006 and 2005 (Unaudited**

|                                                                                                                |   |    CommonStock |       |   AdditionalPaid                inCapital |   |    RetainedEarnings |   |  AccumulatedOtherComprehensiveIncome                (Loss) |      |     Total |   |
|---------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|------------|-----------------------------------------------------|--------|------------------------------------|--------|-----------------------------------------------------------------|-----------|-------------------------------|--------|
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |
| December                31, 2004                                                                                    |   | $                             | 13,845,652 |                                                | $      | 917,340                            |   | $                                                               | 1,078,002 |                          | $      | (146,139 | ) | $ | 15,694,855 |   |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                      Net income March 31, 2005                                             |   |                          |       |                                                |   |                               |   |                                                            | 193,112   |                          |   |   |   |   | 193,112 |   |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                      Change in unrealized gains and losses                                 |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                         on securities available for sale, net               |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   | (135,030 | ) |   | (135,030 | ) |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|   Sale                of common                stock under the                                            |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|     Dividend                Reinvestment and Stock                                              |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|     Purchase                Plan                (DRIP)                                          |   |                          | 20,919     |                                                |   | 8,787                              |   |                                                            |      |                          |   |   |   |   | 29,706 |   |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|     Proceeds                from                warrant exercises                               |   |                          | 115,900    |                                                |   |                                    |   |                                                            |      |                          |   |   |   |   | 115,900 |   |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|     Dividends                ($.05                per share)                                    |   |                          |       |                                                |   |                               |   |                                                            | (69,808   | )                             |   |   |   |   | (69,808 | ) |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
| March                31, 2005                                                                                       |   | $                             | 13,982,471 |                                                | $      | 926,127                            |   | $                                                               | 1,201,306 |                          | $      | (281,169 | ) | $ | 15,828,735 |   |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
| December                31, 2005                                                                                    |   | $                             | 16,643,415 |                                                | $      | 950,891                            |   | $                                                               | 1,781,794 |                          | $      | (279,521 | ) | $ | 19,096,579 |   |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                      Net income March 31, 2006                                             |   |                          |       |                                                |   |                               |   |                                                            | 341,805   |                          |   |   |   |   | 341,805 |   |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                      Change in unrealized gains and losses                                 |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|         on                securities                available for sale, net |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   | (26,293 | ) |   | (26,293 | ) |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
| Sale                of common stock under the                                                                       |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                      Dividend Reinvestment and Stock                                       |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                      Purchase Plan (DRIP)                                                  |   |                          | 41,112     |                                                |   | 18,500                             |   |                                                            |      |                          |   |   |   |   | 59,612 |   |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                      Proceeds from warrant exercises                                       |   |                          | 508,310    |                                                |   |                                    |   |                                                            |      |                          |   |   |   |   | 508,310 |   |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                      Dividends ($.07 per share)                                            |   |                          |       |                                                |   |                               |   |                                                            | (120,349  | )                             |   |   |   |   | (120,349 | ) |
|                                                                                                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
| March                31, 2006                                                                                       |   | $                             | 17,192,837 |                                                | $      | 969,391                            |   | $                                                               | 2,003,250 |                          | $      | (305,814 | ) | $ | 19,859,664 |   |

----

**CN      BANCORP, INC. AND SUBSIDIARY**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

**For      the Three Months ended March 31, 2006 and 2005**

**(Unaudited)**

|                                                                                                    |   |                                                                                    |       |   |   |
|---------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|------------|--------|--------|
|                                                                                                    |   |                For                  the Three Months EndedMarch                31, |       |
|                                                                                                    |   | 2006                                                                                    |       | 2005   |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES                                                     |   |                                                                                    |       |   |   |
| Net                income                                                                               |   | $                                                                                       | 341,805    |   | $      | 193,112 |   |
| Adjustments                to reconcile net income to net cash                                          |   |                                                                                    |       |   |   |   |   |
|                      provided by operations:                                   |   |                                                                                    |       |   |   |   |   |
|                      Depreciation and amortization                             |   |                                                                                    | 79,097     |   |   | 92,884 |   |
|                      Gain on sale of foreclosed personal property              |   |                                                                                    | (25,000    | )      |   | - |   |
|                      Gain on sale of loans                                     |   |                                                                                    | -          |   |   | (35,437 | ) |
|                      Deferred income taxes                                     |   |                                                                                    | (51,019    | )      |   | (39,988 | ) |
|                      Provision for loan losses                                 |   |                                                                                    | 49,080     |   |   | 36,498 |   |
|                      Increase in cash surrender value of life insurance        |   |                                                                                    | (23,412    | )      |   | (14,067 | ) |
|                      Increase in other assets                                  |   |                                                                                    | (17,051    | )      |   | (27,249 | ) |
|                      Increase in other liabilities                             |   |                                                                                    | 99,297     |   |   | 141,863 |   |
|                      Amortization of premium/discount and other                |   |                                                                                    | (13,079    | )      |   | 8,184 |   |
| Net                cash provided (used) by operating activities                                         |   |                                                                                    | 439,718    |   |   | 355,800 |   |
|                                                                                                    |   |                                                                                    |       |   |   |   |   |
| CASH                FLOWS FROM INVESTING ACTIVITIES                                                     |   |                                                                                    |       |   |   |   |   |
| Net                increase in loans                                                                    |   |                                                                                    | (2,171,525 | )      |   | (3,026,675 | ) |
| Decrease                in interest bearing deposits                                                    |   |                                                                                    | 11,069     |   |   | 1,021,946 |   |
| Investment                in securities - available for sale                                            |   |                                                                                    | (2,753,683 | )      |   | - |   |
| Investment                in other securities                                                           |   |                                                                                    | (20,000    | )      |   | (35,900 | ) |
| Principal                payments and redemption of securities                                          |   |                                                                                    | 3,283,954  |   |   | 437,571 |   |
| Proceeds                from sales of foreclosed personal property                                      |   |                                                                                    | 165,000    |   |   | - |   |
| Proceeds                from sales of loans                                                             |   |                                                                                    | -          |   |   | 1,800,000 |   |
| Investment                in life insurance                                                             |   |                                                                                    | -          |   |   | (1,175,000 | ) |
| Purchase                of property, equipment and leasehold improvements                               |   |                                                                                    | (24,090    | )      |   | (13,955 | ) |
| Net                cash used by investing activities                                                    |   |                                                                                    | (1,509,275 | )      |   | (992,013 | ) |
|                                                                                                    |   |                                                                                    |            |   |   |  |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES                                                     |   |                                                                                    |       |   |   |   |   |
| Net                increase in deposits including interest credited                                     |   |                                                                                    | 665,487    |   |   | 6,924,910 |   |
| Net                increase (decrease) in securities sold under agreements to                repurchase |   |                                                                                    | (198,667   | )      |   | 1,581,856 |   |
| Sales                of common stock under DRIP                                                         |   |                                                                                    | 59,612     |   |   | 29,706 |   |
| Proceeds                from stock warrant exercises                                                    |   |                                                                                    | 508,310    |   |   | 115,900 |   |
| Dividends                paid                                                                           |   |                                                                                    | (166,433   | )      |   | (55,283 | ) |
| Net                cash provided by financing activities                                                |   |                                                                                    | 868,309    |   |   | 8,597,089 |   |
|                                                                                                    |   |                                                                                    |       |   |   |   |   |
| NET                INCREASE (DECREASE) IN CASH                                                          |   |                                                                                    | (201,248   | )      |   | 7,960,876 |   |
| Cash                at beginning of period                                                              |   |                                                                                    | 15,476,898 |   |   | 9,868,815 |   |
| Cash                at end of period                                                                    |   | $                                                                                       | 15,275,650 |   | $      | 17,829,691 |   |
|                                                                                                    |   |                                                                                    |       |   |   |   |   |
| SUPPLEMENTAL                CASH FLOW INFORMATION                                                       |   |                                                                                    |       |   |   |   |   |
| Interest                paid                                                                            |   | $                                                                                       | 572,624    |   | $      | 422,766 |   |
| Income                taxes paid                                                                        |   | $                                                                                       | 203,500    |   | $      | 65,050 |   |

----

**CN      BANCORP, INC. AND SUBSIDIARY**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

|                                                 |   | Three                Months Ended March 31: |      |
|------------------------------------------------------|--------|---------------------------------------------|-----------|
|                                                 |   | 2006                                        |      | 2005 |   |
| Weighted                average shares outstanding   |   |                                        | 1,686,582 |   |   | 1,394,810 |   |
| Common                stock equivalents              |   |                                        | 17,086    |   |   | 89,489 |   |
| Average                common shares and equivalents |   |                                        | 1,703,668 |   |   | 1,484,299 |   |
| Net                income                            |   | $                                           | 341,805   |   | $ | 193,112 |   |
| Basic                earnings per share              |   | $                                           | .20       |   | $ | .14 |   |
| Diluted                earnings per share            |   | $                                           | .20       |   | $ | .13 |   |

----

----

**Item      2. Management’s Discussion and Analysis or Plan of      Operation**

**Overview**

| ·   | Total                assets at March 31, 2006 increased by 0.9% to $149 million as compared                to                $148 million as of December 31, 2005. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net                loans outstanding increased by 2.4% from $89 million as of December                31,                2005 to $91 million as of March 31,                2006. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Deposits                at March 31, 2006 were $128 million, an increase of $0.7 million                or 0.5%                from December 31, 2005. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                Company realized net income of $341,805 for the three-month period                ended                March 31, 2006. This compares to net income of $193,112 for the                three-month period ended March 31,                2005. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net                interest income, the Company’s main source of income, was $1.4 million                during the three-month period ended March 31, 2006 compared to $1.2                million for the same period in 2005. This represents an increase                of 20.6%                for the three-months ended March 31, 2006 as compared to the same                period                in 2005. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Non-interest                income increased by $45,673 or 17.0%, for the three-month period                ended                March 31, 2006, as compared to the three-month period ended March                31,                2005. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Non-interest                expenses increased by $44,776 or 4.0%, for the three-month period                ended                March 31, 2006, as compared to the same period in 2005. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CRITICAL      ACCOUNTING POLICIES**

----

**FINANCIAL      CONDITION**

|                                             |   | **March                31,** |       | **December                31,** |   |
|--------------------------------------------------|--------|------------------------------|------------|---------------------------------|--------|
|                                             |   | **2006**                     |       | **2005**                        |   |
| Real                estate -construction         |   | $                            | 7,129,329  |                            | $      | 4,329,827 |   |
| Residential                real estate           |   |                         | 27,975,498 |                            |   | 29,306,514 |   |
| Commercial                real estate            |   |                         | 29,229,142 |                            |   | 29,420,805 |   |
| Commercial-other                                 |   |                         | 21,719,451 |                            |   | 22,366,771 |   |
| Installment                and other             |   |                         | 5,520,004  |                            |   | 3,948,754 |   |
|                                             |   |                         | 91,573,424 |                            |   | 89,372,671 |   |
| Unearned                loan fees and costs, net |   |                         | 14,618     |                            |   | 52,926 |   |
| Allowance                for loan losses         |   |                         | (904,000   | )                               |   | (864,000 | ) |
|                                             |   | $                            | 90,684,042 |                            | $      | 88,561,597 |   |

----

|                                            |   | **March                31,** |        | **December                31,** |   |
|-------------------------------------------------|--------|------------------------------|-------------|---------------------------------|--------|
|                                            |   | **2006**                     |        | **2005**                        |   |
|                                            |   |                         |        |                            |   |
| Non-interest                bearing deposits    |   | $                            | 38,388,932  |                            | $      | 37,666,022 |   |
| Savings                deposits                 |   |                         | 37,024,097  |                            |   | 40,500,733 |   |
| Interest                bearing demand deposits |   |                         | 18,019,452  |                            |   | 15,401,066 |   |
| Certificates                of deposit          |   |                         | 34,317,442  |                            |   | 33,516,615 |   |
|                                            |   | $                            | 127,749,923 |                            | $      | 127,084,436 |   |

**RESULTS      OF OPERATIONS**

*Net      income*

*Net      Interest Income and Net Interest Margin*

----

| **AVERAGE                BALANCES, RATES AND INTEREST INCOME AND EXPENSE**          |   |
|-------------------------------------------------------------------------------------|--------|
|                                                                                |   |   |   |   |   |   |   |
|                                                                                |   |   |   | **Three                Months Ended March 31,** |   |   |   |
| ***(in                thousands)***                                                 |   |  **2006** |   |  **2005** |   |
|                                                                                |   | **Average****Balance** |   | **Interest** |   | **Yield/****Rate** |   | **Average**** Balance** |   | **Interest** |   | **Yield/****Rate** |   |
| **Assets:**                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-Earning                Assets:                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                     Federal funds sold                          |   | $ | 11,246 |   | $ | 123 |   |   | 4.37 | % | $ | 9,600 |   | $ | 59 |   |   | 2.49 | % |
|                     Interest bearing deposits                   |   |   | 2,889 |   |   | 27 |   |   | 3.74 | % |   | 4,067 |   |   | 23 |   |   | 2.26 | % |
|                     Investment securities                       |   |   | 32,888 |   |   | 282 |   |   | 3.43 | % |   | 37,306 |   |   | 298 |   |   | 3.20 | % |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                receivable                                                     |   |   | 90,947 |   |   | 1,564 |   |   | 6.88 | % |   | 80,313 |   |   | 1,219 |   |   | 6.07 | % |
|                     Allowance for loan losses                   |   |   | (886 | ) |   | - |   |   | - |   |   | (816 | ) |   | - |   |   | - |   |
|                                                                                |   |   | 90,061 |   |   | 1,564 |   |   | 6.95 | % |   | 79,497 |   |   | 1,219 |   |   | 6.13 | % |
|                     Total Interest Earning Assets               |   |   | 137,084 |   |   | 1,996 |   |   | 5.82 | % |   | 130,470 |   |   | 1,599 |   |   | 4.90 | % |
| Non-interest                Earning Assets                                          |   |   | 11,241 |   |   |   |   |   |   |   |   | 9,879 |   |   |   |   |   |   |   |
| ** **     Total                Assets                 |   | $ | 148,325 |   |   |   |   |   |   |   | $ | 140,349 |   |   |   |   |   |   |   |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Liabilities                and Stockholders' Equity:**                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                -Bearing Liabilities:                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                     Interest bearing demand deposits            |   | $ | 17,073 |   | $ | 35 |   |   | 0.82 | % | $ | 13,358 |   | $ | 15 |   |   | 0.45 | % |
|                     Savings accounts                            |   |   | 38,232 |   |   | 256 |   |   | 2.68 | % |   | 39,709 |   |   | 166 |   |   | 1.67 | % |
|                     Time deposits                               |   |   | 34,220 |   |   | 284 |   |   | 3.32 | % |   | 36,277 |   |   | 239 |   |   | 2.64 | % |
|                     Securities sold under agreements            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                        to repurchase             |   |   | 1,499 |   |   | 5 |   |   | 1.33 | % |   | 2,420 |   |   | 4 |   |   | .66 | % |
|                     Total Interest Bearing Liabilities          |   |   | 91,024 |   |   | 580 |   |   | 2.55 | % |   | 91,764 |   |   | 424 |   |   | 1.85 | % |
| Non-interest                Bearing Liabilities:                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                     Demand deposits                             |   |   | 36,712 |   |   |   |   |   |   |   |   | 32,335 |   |   |   |   |   |   |   |
|                     Other                                       |   |   | 1,118 |   |   |   |   |   |   |   |   | 482 |   |   |   |   |   |   |   |
|     Total                Liabilities                            |   |   | 128,854 |   |   |   |   |   |   |   |   | 124,581 |   |   |   |   |   |   |   |
| Stockholders'                Equity                                                 |   |   | 19,471 |   |   |   |   |   |   |   |   | 15,768 |   |   |   |   |   |   |   |
| ** **     Total                Liabilities and Equity |   | $ | 148,325 |   |   |   |   |   |   |   | $ | 140,349 |   |   |   |   |   |   |   |
| Net                Interest Income                                                  |   |   |   |   | $ | 1,416 |   |   |   |   |   |   |   | $ | 1,175 |   |   |   |   |
|                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                Interest Spread                                                  |   |   |   |   |   |   |   |   | 3.28 | % |   |   |   |   |   |   |   | 3.05 | % |
| Net                Interest Margin                                                  |   |   |   |   |   |   |   |   | 4.13 | % |   |   |   |   |   |   |   | 3.60 | % |
| Ratio                of Interest-Earning Assets                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                     to Interest-Bearing Liabilities             |   |   | 150.60 | % |   |   |   |   |   |   |   | 142.18 | % |   |   |   |   |   |   |

*Yields      on securities are calculated based on amortized cost.*

*Nonaccruing      loans are included in the average loan balances outstanding.*

----

|                                                                              |   |   |   | **2006                vs. 2005**              |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|----------------------------------------------------|--------|
|                                                                              |   |   |   |  **Increase                (Decrease)**  |   |
|                                                                              |   |   |   | **Volume**                                    |   | **Rate**  |   | **Total**  |   |
|                                                                              |   |   |   |                                               |   |   |   |   |   |
|                **Interest-Earning                Assets:**                   |   |   |   |                                               |   |   |   |   |   |
|   Federal                funds sold and interest                bearing |   |   |   |                                               |   |   |   |   |   |
|                  deposits with banks                                         |   |   |   |                                               | $      | 3,422 |   | $ | 63,779 |   | $ | 67,201 |   |
| Securities                                                                        |   |   |   |                                               |   | (36,540 | ) |   | 20,543 |   |   | (15,997 | ) |
| Loans                receivable                                                   |   |   |   |                                               |   | 161,637 |   |   | 184,404 |   |   | 346,041 |   |
| ** ** Net                Change in Interest Income                      |   |   |   |                                               |   | 128,519 |   |   | 268,726 |   |   | 397,245 |   |
|                                                                              |   |   |   |                                               |   |   |   |   |   |   |   |   |   |
| **Interest                Bearing Liabilities:**                                  |   |   |   |                                               |   |   |   |   |   |   |   |   |   |
| Interest                bearing deposits                                          |   |   |   |                                               |   | 5,603 |   |   | 149,890 |   |   | 155,493 |   |
| Securities                sold under agreements                                   |   |   |   |                                               |   |   |   |   |   |   |   |   |   |
|                   to repurchase                                         |   |   |   |                                               |   | (1,703 | ) |   | 1,850 |   |   | 147 |   |
|                   Net Change in Interest Expense                        |   |   |   |                                               |   | 3,900 |   |   | 151,740 |   |   | 155,640 |   |
|                                                                              |   |   |   |                                               |   |   |   |   |   |   |   |   |   |
|                   Change in Net Interest Income                         |   |   |   |                                               | $      | 124,619 |   | $ | 116,986 |   | $ | 241,605 |   |

*Provision      for Loan Losses*

----

|                                                                                |   | **Three                Months****Ended** |    | **Three                Months****Ended** |   |
|-------------------------------------------------------------------------------------|--------|------------------------------------------|---------|------------------------------------------|--------|
|                                                                                |   | **March                31, 2006**        |    | **March                31, 2005**        |   |
| ***(in                thousands)***                                                 |   |                                     |    |                                     |   |
| **Allowance                for loan losses:**                                       |   |                                     |    |                                     |   |
| Beginning                balance                                                    |   | $                                        | 864,000 |                                     | $      | 800,000 |   |
|                     Charge-offs:                                |   |                                     |    |                                     |   |   |   |
|     Commercial                loans                             |   |                                     | (6,665  | )                                        |   | - |   |
|     Consumer                loans                               |   |                                     | (5,618  | )                                        |   | (13,480 | ) |
|                                                                                |   |                                     | (12,283 | )                                        |   | (13,480 | ) |
| Recoveries:                                                                         |   |                                     |         |                                     |   |   |   |
|     Commercial                loans                             |   |                                     | -       |                                     |   | 1,792 |   |
|     Consumer                loans                               |   |                                     | 3,203   |                                     |   | 7,190 |   |
|                                                                                |   |                                     | 3,203   |                                     |   | 8,982 |   |
|        Net                charge-offs            |   |                                     | (9,080  | )                                        |   | (4,498 | ) |
|                        Provision for loan losses |   |                                     | 49,080  |                                     |   | 36,498 |   |
| Ending                balance                                                       |   | $                                        | 904,000 |                                     | $      | 832,000 |   |
| **Ratios:**                                                                    |   |                                     |    |                                     |   |   |   |
| Net                charge-offs to average loans                                |   |                                     | 0.01    | %                                        |   | 0.01 | % |
| Net                charge-offs to provision for loan losses                    |   |                                     | 18.50   | %                                        |   | 12.32 | % |
| Allowance                for loan losses to loans receivable                   |   |                                     | 0.99    | %                                        |   | 0.97 | % |
|                                                                                |   |                                     |    |                                     |   |   |   |
|                                                                                |   |                                     |    |                                     |   |   |   |   |  |   |

*Non-interest      Income*

*Non-interest      Expense*

----

*Income      Taxes*

**LIQUIDITY**

**OFF-BALANCE      SHEET ARRANGEMENTS**

----

| **Year                Ending**  |     |
|---------------------------------|----------|
| **December                31,** |     |
| 2006                            | $226,560 |
| 2007                            | 212,862  |
| 2008                            | 173,998  |
| 2009                            | 147,528  |
| 2010                            | 147,528  |
| 2011                            | 61,470   |

**CAPITAL      ADEQUACY**

|                            |   |                                       |   |                                          |   | **Minimum                Ratios**                                   |   |
|---------------------------------|--------|--------------------------------------------|--------|-----------------------------------------------|--------|---------------------------------------------------------------------|--------|
|                            |   |  **March                31,****2006** |   |  **December                31,****2005** |   |  **To                be “Adequately Capitalized”** |   |  **To                be “Well Capitalized”** |   |
|                            |   |                                       |   |                                          |   |                                                                |   |   |   |
| Total                capital:   |   |                                       |   |                                          |   |                                                                |   |   |   |
|     Company |   |                                       | 21.3   | %                                             |   | 20.8                                                                | %      |   | 8.0 | % |   | N/A |   |
|     Bank    |   |                                       | 13.8   | %                                             |   | 13.6                                                                | %      |   | 8.0 | % |   | 10.0 | % |
| Tier                I:          |   |                                       |   |                                          |   |                                                                |   |   |   |   |   |   |   |
|     Company |   |                                       | 20.4   | %                                             |   | 19.9                                                                | %      |   | 4.0 | % |   | N/A |   |
|     Bank    |   |                                       | 12.8   | %                                             |   | 12.7                                                                | %      |   | 4.0 | % |   | 6.0 | % |
| Leverage                Total:  |   |                                       |   |                                          |   |                                                                |   |   |   |   |   |   |   |
|     Company |   |                                       | 13.3   | %                                             |   | 12.9                                                                | %      |   | 4.0 | % |   | N/A |   |
|     Bank    |   |                                       | 8.2    | %                                             |   | 8.0                                                                 | %      |   | 4.0 | % |   | 5.0 | % |

**EFFECTS      OF INFLATION**

----

**FORWARD      LOOKING STATEMENTS**

**Item      3. Controls and Procedures**

**PART      II - OTHER INFORMATION**

**Item      1. **
**Legal      Proceedings**

**Item      2.  **
**Unregistered      Sales of Equity Securities and Use of Proceeds.**

----

**Item      3.  **
**Defaults      Upon Senior Securities**

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

**Item      5.**
**Other      information**

**Item      6.**
**Exhibits      **

**Exhibits      **

| 31.1   | Rule                13a-14(a) Certification of Chief Executive Officer |
|------------------|------------------------------------------------------------------------|

| 31.2   | Rule                13a-14(a) Certification of Chief Financial Officer |
|------------------|------------------------------------------------------------------------|

|                                 32.1 | Rule                13a-14(b) Certification of Chief Executive Officer |
|--------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|

|                                 32.2 | Rule                13a-14(b) Certification of Chief Financial Officer |
|--------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|

**SIGNATURES**

|                                     | CN                  Bancorp, Inc.                               |
|------------------------------------------|-----------------------------------------------------------------|
|                                     |                                                            |
|                                     |                                                            |
| Date :                  May 1, 2006 | By:                  /s/                  Jan W. Clark          |
|                                     | Jan                  W. Clark                                   |
|                                     | President                  and Chief Executive Officer          |
|                                     |                                                            |
|                                     |                                                            |
| Date :                  May 1, 2006 | By:                  /s/                  Michael T. Storm      |
|                                     | Michael                  T. Storm                               |
|                                     | Chief                  Financial                  Officer  |

----