Georgetown Bancorp Inc., the holding company for Georgetown Savings Bank, has reported $467,000 in net income for the three months ended Dec. 31, 2010, up from $160,000 in net income for the same period in 2009.

The net income for the six months ended Dec. 31, 2010 was $832,000, compared to net income of $318,000 for the six months ended Dec. 31, 2009.

"I continue to be encouraged by the significant improvement in company’s financial performance, as net income for the six months ended Dec. 31, 2010 more than doubled on a year-over-year basis," said Robert E. Balletto, president and chief executive officer. "We have achieved consistent improvement over several linked quarters, as a result of a disciplined focus on the successful execution of our strategic plan, including the prudent development of our commercial lending business, while maintaining high asset quality. Our balance sheet is further strengthened by the steady growth of core deposits and the prudent and aggressive management of all funding sources. We expect to apply the same success-driven attributes to the expansion of our residential mortgage banking operation, as we believe it will provide an important source of future earnings for the company."