Georgetown Bancorp, Inc. Reports Earnings and Announces Quarterly Cash Dividend

GEORGETOWN, Mass.--(BUSINESS WIRE)-- Georgetown Bancorp, Inc. (NASDAQ: GTWN) (the “Company”), holding company for Georgetown Bank (the “Bank”), reported net income for the three months ended June 30, 2015 of $363,000, or $0.21 per basic and diluted share, compared to net income of $374,000, or $0.21 per basic and diluted share, for the three months ended June 30, 2014. Net income for the six months ended June 30, 2015 was $613,000, or $0.35 per basic and diluted share, compared to net income of $649,000, or $0.37 per basic and diluted share, for the six months ended June 30, 2014.

Robert E. Balletto, President and Chief Executive Officer, said, “I am pleased to report that the Company continued to have strong deposit growth, as total deposits have increased $12.9 million, or 7%, primarily in core deposits, during the six months ended June 30, 2015. Additionally, our asset quality continues to be strong, as non-performing assets as a percentage of total assets was 0.35% at June 30, 2015. We remain focused on our strategic plan, which we believe will enhance long-term stockholder value.”

The Company also announced that its Board of Directors has declared a regular quarterly cash dividend of $0.0475 per share of common stock. The dividend will be paid on or about August 24, 2015, to stockholders of record as of the close of business on August 10, 2015.

(1) Does not include Federal Home Loan Bank stock of $2.9 million at June 30, 2015 and December 31, 2014 and Bankers Bank Northeast stock of $60,000 at June 30, 2015.(2) Presented on a tax-equivalent basis using a tax rate of 34% resulting in an adjustment of $7,000 and $8,000 to investment security income for the three months ended June 30, 2015 and 2014, respectively and $15,000 for the six months ended June 30, 2015 and 2014, respectively.(3) The efficiency ratio represents non-interest expense divided by the sum of net interest and dividend income and non-interest income.

About Georgetown Bancorp, Inc.

Georgetown Bancorp, Inc. is the holding company for Georgetown Bank. Georgetown Bank, with branch offices in Georgetown, North Andover and Rowley, Massachusetts, is committed to making a positive difference in the markets we serve. Our highest priority is to provide exceptional personal service, act with high ethical standards and in the best interest of our customers, employees, shareholders and business partners. We strive to help each of our customers achieve their unique financial goals through a competitive array of financial products and services. To learn more about Georgetown Bank, visit www.georgetownbank.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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150728006370/en/

Georgetown Bancorp, Inc.
Joseph W. Kennedy, 978-352-8600
Senior Vice President/CFO
[email protected]

Source: Georgetown Bancorp, Inc.

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