8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 29, 2014

GEORGETOWN BANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland	001-35595	80-0817763
(State or Other Jurisdiction	(Commission File No.)	(I.R.S. Employer
of Incorporation)		Identification No.)

2 East Main Street, Georgetown, MA	01833
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code:      978-352-8600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.             Results of Operations and Financial Condition

On April 29, 2014 Georgetown Bancorp, Inc. (the “Company”) issued a Press Release disclosing its results of operations and financial condition at and for the three months ended March 31, 2014. A copy of the Press Release is included as Exhibit 99.1 to this report. The Company will include final financial statements and additional analyses at and for the period ended March 31, 2014, as part of its Form 10-Q covering that period.

Item 8.01.             Other Events

On April 29, 2014, the Board of Directors of the Company also announced a quarterly cash dividend of $0.0425 per share of common stock.  The dividend will be paid on or about May 27, 2014, to stockholders of record as of the close of business on May 12, 2014.

Item 9.01.             Financial Statements and Exhibits

(a)Not Applicable.

(b)Not Applicable.

(c)Not Applicable.

(d)Exhibits. The following exhibit is being furnished herewith:

Exhibit No.	Description
99.1	Press release dated April 29, 2014

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

		GEORGETOWN BANCORP, INC.
DATE: April 30, 2014	By:	/s/ Joseph W. Kennedy
		Joseph W. Kennedy
		Senior Vice President and Chief Financial Officer

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EX-99.1

Exhibit 99.1

PRESS RELEASE

Contact Information:

Joseph W. Kennedy, Senior Vice President/CFO

Georgetown Bancorp, Inc.

978-352-8600

joe.kennedy@georgetownbank.com

Georgetown Bancorp, Inc. Reports 32% Increase in Profitability for the Three Months Ended March 31, 2014

and Announces Increase in Quarterly Dividend

GEORGETOWN, MASSACHUSETTS, April 29, 2014 —

Georgetown Bancorp, Inc. (NASDAQ: GTWN) (the “Company”), holding company for Georgetown Bank (the “Bank”), reported net income for the three months ended March 31, 2014 of $275,000, or $.16 per basic and diluted share, compared to net income of $209,000, or $.11 per basic and diluted share, for the three months ended March 31, 2013.

Robert E. Balletto, President and Chief Executive Officer, said, “I am pleased to report a 32% increase in net income on a quarter over quarter basis, driven by an expansion of our net interest and dividend income. Additionally, our asset quality continues to be strong, as non-performing assets as a percentage of total assets was 0.28% at March 31, 2014. We remain focused on our strategic plan, which we believe will enhance long-term stockholder value.”

The Company’s Board of Directors also increased its regular quarterly cash dividend from $0.04 per share of common stock to $0.0425 per share. The dividend will be paid on or about May 27, 2014, to stockholders of record as of the close of business on May 12, 2014.

Georgetown Bancorp, Inc.

Selected Financial Data

	At or for the			At or for the
	Three Months Ended			Year Ended
	March 31, 2014			December 31, 2013
	(Dollars in thousands, except share data)
Selected Financial Condition Data:
Total assets	$	268,325		$	263,033
Cash and cash equivalents	8,065			6,295
Loans receivable, net	227,020			223,912
Allowance for loan losses	2,185			2,396
Investment securities (1)	19,092			19,331
Deposits	181,450			175,961
Borrowings	54,100			54,925
Total stockholders’ equity	29,105			28,942
Stockholders’ equity to total assets at end of period	10.85		%	11.00		%
Total shares outstanding	1,834,101			1,831,518
Book value per share	$	15.87		$	15.80
Asset Quality Data:
Total non-performing loans	$	740		$	399
Other real estate owned	—			—
Total non-performing assets	740			399
Non-performing loans to total loans	0.32		%	0.18		%
Non-performing assets to total assets	0.28		%	0.15		%
Allowance for loan losses to non-performing loans	295.27		%	600.50		%
Allowance for loan losses to total loans	0.95		%	1.06		%
Loans charged off	$	211		$	139
Recoveries on loans previously charged off	—			47

	Three Months Ended
	March 31,
	2014			2013
	(Dollars in thousands, except per share data)
Selected Operating Data:
Interest and dividend income	$	2,768		$	2,212
Interest expense	339			295
Net interest and dividend income	2,429			1,917
Provision for loan losses	—			90
Net interest and dividend income after provision for loan losses	2,429			1,827
Non-interest income	243			621
Non-interest expense	2,237			2,111
Income before income taxes	435			337
Income tax provision	160			128
Net income	$	275		$	209
Net income per share: basic	$	0.16		$	0.11
Net income per share: diluted	$	0.16		$	0.11
Performance Ratios:
Return on average assets	0.42		%	0.40		%
Return on average equity	3.81		%	2.75		%
Interest rate spread (2)	3.72		%	3.67		%
Net interest margin (2)	3.84		%	3.83		%
Efficiency ratio (3)	83.71		%	83.17		%
Non-interest expense to average total assets	3.40		%	4.05		%

(1) Does not include Federal Home Loan Bank Stock of $2.9 million at March 31, 2014 and December 31, 2013.

(2) Presented on a tax-equivalent basis using a tax rate of 34% resulting in an adjustment of $8,000 to investment security income for the three months ended March 31, 2014. Three months ended March 31, 2013 consisted entirely of taxable investment securities.

(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 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 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.

END