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Georgetown Bancorp, Inc. Reports Increased Profitability for Three and Six Months Ended December 31, 2008

^{Published on Tuesday, January 27th 2009 at 15:40 GMT, Last Modified on 2009-01-27 15:42:19 by Market Wire}  

GEORGETOWN, Mass.--([ BUSINESS WIRE ])--Georgetown Bancorp, Inc. (OTCBB: GTWN) (the "Company"), holding company for Georgetown Savings Bank (the "Bank"), reported net income for the three months ended December 31, 2008 of $107,000, or $.04 per basic and diluted share, compared to a net loss of $89,000 or $.03 per basic and diluted share for the three months ended December 31, 2007. The net income for the six months ended December 31, 2008 was $119,000, or $.05 per basic and diluted share, compared to a net loss of $227,000 or $.08 per basic and diluted share for the six months ended December 31, 2007.

Robert E. Balletto, President and Chief Executive Officer, said, "The Company's trend of improving financial performance continued during our most recent quarter. We continue to have success growing our commercial loan portfolio, while maintaining a very low level of non-performing assets. Our net interest income after the provision for loan losses has increased 35% during the first six months of this fiscal year, compared to last year. While we are pleased by our improving profitability, the board and management realize there is additional improvement to be achieved. We remain encouraged by our recent success in an extremely challenging market place and we expect that our improving financial performance will continue for the forseeable future."

About Georgetown Bancorp, Inc.

Georgetown Bancorp, Inc. is the holding company for Georgetown Savings Bank. Georgetown Savings Bank, with branch offices in Georgetown, North Andover and Rowley, Massachusetts, is committed to making a positive difference in the communities we serve. We strive to deliver exceptional personal service at all times and to help each of our customers achieve their unique financial goals through a competitive array of commercial and consumer banking services. To learn more about Georgetown Savings Bank, visit [ www.georgetownsb.com ] or call 978-352-8600.

Forward-looking statements

This news release may contain certain forward-looking statements, such as statements of the Company's or the Bank's plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as "expects," "subject," "believe," "will," "intends," "will be" or "would." These statements are subject to change based on various important factors (some of which are beyond the Company's or the Bank's control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management's analysis of factors only as of the date of which they are given). These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, the ability of the Company or the Bank to effectively manage its growth, and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive. Readers should carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission, including Current Reports on Form 8-K.