Flatbush Federal Bancorp Inc. reported consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported total interest income of $2,132,000 against $1,943,000 for the same period a year ago. Net income was $84,000 as compared to a net income of $78,000 for the same period a year ago. Net Interest Income was $1,292,000 against $1,102,000 for the same period a year ago. Return on average assets was 0.21% against 0.22% a year ago. Return on average equity was 2.23% against 1.99% a year ago. The increase in net income for the quarter was primarily the result of increases of $189,000 in interest income and a decrease of $24,000 in interest expense on borrowings from the Federal Home Loan Bank of New York, partially offset by an increases of $23,000 interest expense on deposits, $52,000 in provision for loan loss, $75,000 in non-interest expense, $10,000 in income tax expense, and a decrease of $46,000 in non-interest income. For the nine months, the company reported total interest income of $6,197,000 against $5,988,000 for the same period a year ago. Net income was $415,000 as compared to a net income of $89,000 for the same period a year ago. Net Interest Income was $3,642,000 against $3,200,000 for the same period a year ago. Return on average assets was 0.36% against 0.08% a year ago. Return on average equity was 3.68% against 0.76% a year ago. The increase in net income for the nine month period ended September 30, 2009 was primarily due to an increase of $209,000 in interest income and decreases of $129,000 in interest expense on deposits, $103,000 in interest expense on borrowings from the FHLB of New York, $202,000 in non-interest expense, which, were partially offset by a decrease of $57,000 in non-interest income and increases of $74,000 in provision for loan losses and $186,000 in income taxes.

On October 1, 2009, Beard resigned as the auditors of the Flatbush Federal Bancorp Inc. and with the approval of the Audit Committee of the Company's Board of Directors, ParenteBeard was engaged as its independent registered public accounting firm.

Flatbush Federal Bancorp Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported total interest income of $2,051,000, net interest income of $1,195,000, return on average assets of 0.02% and return on average equity of 0.18%, compared to total interest income of $1,981,000, net interest income of $1,058,000, return on average assets of 0.03% and return on average equity of 0.23% for the same period a year ago. The company announced a consolidated net income of $7,000, or $0.003 per share, for the quarter ended June 30, 2009 as compared to a net income of $9,000, or $0.003 per share, for the same quarter in 2008. The decrease in net income for the quarter was primarily the result of increases of $143,000 in non-interest expense and $22,000 in provision for loan loss, and a decrease of $10,000 in non-interest income, partially offset by an increase of $71,000 in interest income, and decreases of $37,000 in interest expense on deposits, $29,000 in interest expense on borrowings from the Federal Home Loan Bank of New York and $36,000 in income tax benefits. For the six months period, the company reported total interest income of $4,065,000, net interest income of $2,350,000, return on average assets of 0.43% and return on average equity of 4.42%, compared to total interest income of $4,044,000, net interest income of $2,098,000, return on average assets of 0.02% and return on average equity of 0.14% for the same period a year ago. Net income increased $319,000, to $331,000 for the six months ended June 30, 2009 from $11,000 for the six months ended June 30, 2008. The increase in net income for the six month period ended June 30, 2009 was primarily due to an increase of $21,000 in interest income and decreases of $152,000 in interest expense on deposits, $79,000 in interest expense on borrowings from the FHLB of New York, $277,000 in non-interest expenses, which, were partially offset by a decrease of $12,000 in non-interest income and increases of $22,000 in provision for loan losses and $176,000 in income taxes.